Barclays Bank has trimmed jobs of about 450 employees in India. This comprises about a tenth of its workforce in India and include heads of personal loan collection. An insider having information about the topic said, this is the 4th and the biggest layoff process undertaken by the bank since December 2008.
This retrenchment process started 3 days ago and has been on a far bigger scale than earlier when the bank had trimmed 150 employees in December 2009.
A Barclays India spokesman said, “We may have had to take some tough decisions in the last few months to ensure that we have the right focus. But we are of the view that they were the right ones”. He explained that while the real number of lay offs this year is below 450 but is certainly over 150.
A retrenched Barclays employee said, Most of the job losses involve mid-senior level executives.” Those who were laid off included departmental heads, handling divisions like credit card operations, collection heads and contact centres.
Also the employees in the bank’s non finance division Barclays Finance, and worldwide retail and commercial banking segments have also been affected.
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