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Barclays' tech overhaul good for UK technologists, less so for cloud staff

Barclays, like pretty much every bank, is decommissioning legacy applications en masse, and bolstering its efforts in the cloud space. This could bring about some bad news for tech staff, but seemingly not in the UK offices.

Barclays announced in its 2023 results this morning that it wants to "increase use of low-cost industry standard technology;" it's moved 75% of its workload to the cloud and plans to decommission up to 950 applications. As we've said before, these initiatives are designed to save money through lower maintenance costs, and that means fewer technology staff to work on systems maintenance. 

As technology maintenance costs are cut, technologists in India could be most affected. Of the ~4k people that claim to work on Cloud at Barclays online, half of those are in India. The majority are at the Pune office, which was already significantly affected by the layoffs in November last year, when both software developers and digital transformation staff were cut. More senior cloud staff are, however, disproportionately located in the UK.

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The second-biggest area for cloud staff is the UK, but UK technologists at Barclays may be comparatively sheltered. Barclays said today that it wants to hire more technologists for Barclays UK in particular.

Barclays is currently advertising four times as many technology jobs in India as in the UK, but the two regions have equal amounts of cloud architecture jobs. 

Cloud and automation staff are still useful to Barclays right now. Co-head of global markets Adeel Khan said in the presentation "we want more electronic platforms", and noted that low touch revenues have risen 87% since 2019. 

As it restructures its technology function, Barclays is attempting to become more agile. It said today that it's achieved a 30% reduction in the time required to release new features in markets settlements and post trade functions, and that it's increased its algorithm releases by 12%

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AUTHORAlex McMurray Editor

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