Apr 27, 2007 (08:04 PM EDT)
Brief: 10,000 Jobs To Move Offshore Under Barclays' Merger Plan
Read the Original Article at InformationWeek
As part of a restructuring that would follow its proposed acquisition of Dutch banking company ABN Amro, U.K.-based Barclays would ship 10,800 jobs from the West to low-cost countries such as India.
The Barclays shakeup plan comes less than two weeks after Citigroup said it would send as many as 9,500 jobs to lower-cost locales as it cuts spending by $10.4 billion over three years. The disclosures lend credence to a report this year from Deloitte predicting that offshore tech spending by banks will increase from the present 6% of the industry's $44 billion total annual IT budget to 30% by 2010.