IT jobs are at risk of redundancy after Barclays announced plans to close its wealth management services in 130 countries by 2016.
The bank said that it is going through a consultation process and the final number of jobs affected will not be known until it is completed. The wealth management division employs around 8,000 staff.
A spokesperson for the bank said: “The exact nature [of jobs] is to be confirmed, but we can’t rule [IT job losses] out.”
Barclays also told Reuters that technology, as well as the restructuring, would lead to job cuts.
The bank announced its plans to restructure the wealth division, in April, in order work more closely with its retail and corporate banking departments.
Peter Horrell, CEO of Barclays wealth and investment management, said that “reducing complexity” in its business would enable it to “focus on bringing the right services and products to clients in locations where we have scale”.
“We are investing in the business in order to reinforce our position as a centre of excellence for high net-worth banking, research and investments and the online execution-only space, which we see as a battleground of the future and where we have significant advantages.”
The bank has changed its tune since three years ago, when the wealth management division announced a five-year plan to spend £230 million on upgrading its IT and infrastructure. The division is also spent £120 million on several hundred new client-facing staff.
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