But the bank claims it stills wants to “innovate in new tech”
Barclays has announced the loss of 422 jobs in its technology and infrastructure job, despite saying that it still wishes to be "innovative" when it comes to technology.
The bank said the job losses are part of "essential changes" it needs to make to improve efficiency and that it hopes to redeploy most of the affected staff somewhere else in the business.
"We need to make essential changes to our technology and infrastructure division so that we can innovate in new technologies and services for our customers, and be as effective and efficient as possible," a statement read.
"Whilst regrettably this will mean job losses, we will make every effort to mitigate compulsory redundancies and are working closely with Unite and impacted staff," the bank added.
However, David Fleming, national officer of the Unite union, said the move will see UK jobs shifted overseas.
"The decision by Barclays Technology to cut 422 jobs is a New Year’s blow for the staff. Unite has strongly opposed the sending of some of this work to Lithuania, when there are already highly trained workers carrying out this work. The vast majority of jobs will be going from Radbrooke Hall, Cheshire. There will also be jobs cut in Northampton and a scattering among other sites around the country."
Earlier today RBS also announced heavy job losses, with nearly 4,450 jobs going. It is not clear if the RBS job losses will impact its IT departments.