Barclays is cutting technology jobs and mandating extra office days
In further proof that technology jobs in banking are not what they were, Barclays has been cutting developers supporting its trading teams.
Get Morning Coffee ☕ in your inbox. Sign up here.
Sources at the bank say Barclays yesterday cut 51 developers working across credit, equities, fixed income, FX and prime services technology in the UK.
The cuts are understood to have followed a requirement that Barclays developers from director level must spend three days a week in the office from May. Sources say this mandate already applies to managing directors at the bank.
A Barclays spokesperson said: “Last year we set out our three-year plan to become a simpler, better and more balanced bank. We have made commitments to automate, simplify and modernise our technology as well as to improve our performance and resiliency. We are committed to supporting colleagues through this change, working closely with Unite.”
She added that the Barclays believes in flexibility but the bank's "minimum in time office requirements," vary "between business areas depending on the nature of work and needs of the business.”
As we reported earlier this week, bonuses for technology staff in US banks haven't been great this year, with some people receiving almost no salary increase and very minimal bonuses.
Last February, Barclays announced plans to cut £2bn ($2.5bn) in costs between 2024 and 2026, of which £340m would come from cutting people in the corporate and investment bank.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libellous (in which case it won’t.)
Photo by Samuel Perez on Unsplash
