In sync with its consistent efforts to reduce costs, Barclays (LON:BARC) PLC (NYSE:BCS) is reportedly eliminating more than 100 jobs in Singapore, mainly in information technology and back-office positions. According to sources familiar with the matter, some of the affected positions are likely to be relocated to India. The news was first reported by Bloomberg.
The UK-based banking giant confirmed the layoffs without revealing the exact number of positions. The bank noted in an email statement, “We have now identified a number of additional roles that carry out global activity in Singapore which can be relocated.” It further added, “Regrettably, this will mean that roles will fall away in Singapore, and so we are working closely with the colleagues impacted to ensure they are supported throughout the process.”
Barclays has been striving to simplify operations through its restructuring and cost-cutting initiatives, while focusing on fortifying the core businesses. Apart from shedding a number of less profitable units, the company remains on track to achieve its core expenses target of £12.8 billion for 2016. Notably, since Dec 2015, Barclays has lowered its workforce by nearly 12,000.
Barclays currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the foreign banks include KB Financial Group, Inc. (NYSE:KB) , Banco Macro S.A. (NYSE:BMA) and The Bank of Nova Scotia (TO:BNS) , each sporting a Zacks Rank #1 (Strong Buy).
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BARCLAY PLC-ADR (BCS): Free Stock Analysis Report
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