Barclays to axe 1000 jobs in India

December 05, 2011 15:04

Barclays is set to axe over 1,000 jobs in India -- nearly 10 per cent of its workforce -- as part of a sweeping review of its operations in Asia's third-largest economy, The Times, London, has learnt.

The move by Barclays, which employs 11,000 people in India -- its biggest workforce outside the UK, represents a new setback for UK hopes for improved trade ties with India.

Barclays began a strategic review of its Indian business earlier this year over concerns that it was failing to attract sufficient volumes of business, particularly in the nation's highly competitive retail banking market that is dominated by local players such as HDFC and ICICI.

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