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Job cuts start to bite at Barclays

IT department banking on limiting redundancies

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Barclays Bank is cutting 200 jobs from its IT department, but the bank is hoping it will reduce the number of redundancies originally announced.

The redundancies are from its Global Retail and Commercial Banking department.

We received an email from a Barclays worker which said 200 permanent jobs in technology and shared services were going.

A spokeswoman for Barclays told us: "This is level two consultation for the 700 jobs we've already announced are having to go. In fact we now hope that we won't need as many as 700 cuts, more like half, or even less, than that number."

The bank said it would cut 1,800 positions by 2011 with some 700 going this year. Back in May 350 temporary and permanent jobs were cut. In January the company cut 400 IT staff whose: "roles and responsibilities are unclear".

The month before the bank forced contractors to take a ten per cent pay cut.

The bank is poised to sell its Barclays Global Investors business to Blackrock for about $13bn. ®

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