Barclays India will slash up to 600 jobs by March next year as it cuts down on its lending activities, bank sources said here today.
This, however will not translate into an equal number of job losses as some of them will get accommodated within the company, apart from natural attrition over a nine-month period when the process is to be carried out, they added.
Around 400 of the positions will be cut in its consumer banking division while the same at its non-banking finance arm will be up to 220, sources who did not want to be identified, said.
When contacted, a Barclays India spokesperson said, "we continue to progress (in the planned restructuring) in line with the announcements made back last December."
The bank had last December announced a restructuring of its operations here, as part of the global cost cutting, under which it would take a year-long programme of withdrawing from retail lending in the country.
The process, which is supposed to be over by the end of this year, is likely to get prolonged, the sources said, adding all the role cuts are a part of the same process.
June will alone result in around 30 jobs being culled at the banking division, which when translated into a year-long process, comes to around 350 job losses out of the 400 roles identified to be trimmed, they said.
According to the sources, it is executives in the lending side like sales force, collection and support functions like risk officers, who stand to get affected in the process.
Last July, Barclays had said it was winding up its mid-corporates division here as cross selling of investment banking and normal banking did not develop as expected and would sharpen its focus on serving the needs of large corporates, MNCs and FIs apart from investment banking.
The move also involved revamping its corporate finance business by merging the coverage teams of Barclays Commercial Banking and Barclays Capital under the investment banking arm.
"This revamp is being done the basis of strategic business imperatives and closer alignment to our global business lines," the Hong Kong-based Barclays Capital Asia managing director for investment banking Helge Weiner-Trapness had said on July 31 last.
The recast also involved winding up of its SME division and post-wind up, the bank would be sharpening its focus on lending to large corporates, MNCs.
The second part of the recast process was the revamp of its corporate finance business