Barclays India to axe 600 jobs by March

Barclays India will slash up to 600 positions by March next year as it cuts down on its lending activities, sources said on Thursday.

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 attritions 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, said sources who did not want to be identified.

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.

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.