Barclays, like almost all banks, is retiring legacy applications en masse and ramping up its efforts in the cloud. This could spell bad news for technical staff, but that doesn't seem to be the case for the UK office.
Barclays announced this morning that it wants to “increase the use of low-cost, industry-standard technology” in its 2023 results. We plan to move 75% of our workloads to the cloud and retire up to 950 applications. As previously mentioned, these initiatives are aimed at saving money through reduced maintenance costs, which means fewer technical staff working on system maintenance.
Indian engineers could be the most affected by reduced technology maintenance costs. Of the roughly 4,000 employees who claim to be working on Barclays' His Cloud online, half of them are in India. Most of them are based in the company's Pune office, which was already heavily impacted by layoffs in November last year when both software developers and digital transformation staff were cut. However, the more senior crowd of his staff is disproportionately concentrated in the UK.
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Although the UK is the second largest region for cloud staff, Barclays' UK technicians may be relatively protected. Barclays today announced that it wants to hire more engineers specifically for Barclays UK.
Barclays currently advertises four times as many technology jobs in India as in the UK, but the two regions have the same amount of cloud architecture jobs.
Cloud and automation staff remain valuable to Barclays. “We want more electronic platforms,” Adeel Khan, co-head of global markets, said in a presentation, noting that low-touch revenue has increased 87% since 2019.
Barclays is trying to become more agile as it restructures its technology capabilities. The company today announced that it has reduced the time required to release new features in market clearing and post-trade functionality by 30% and increased algorithm releases by 12%.
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