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Rediff.com  » Business » Barclays India lays off 121

Barclays India lays off 121

June 15, 2009 18:40 IST

Banking entity Barclays India has issued pink slips to 121 employees of its 5,000 strong workforce in the country.

"Barclays India regretfully confirms that 121 of its employees from across the bank have been relieved from their duties," a Barclays spokesperson told PTI in an e-mailed statement on Monday.

Iterating its commitment to India operations, Barclays India said: "We continue to be fully committed to our long term plans in the country.

"As a 300-year-old bank, we take our country investments very seriously. We are fully committed to growing our business in India and fully intend to continue to invest in India -- be that in infrastructure or people."

Barclays India, which is part of British banking giant Barclays Plc, has six entities operating in India employing more than 5,000 people.

For the past 30 years Barclays has been operating in India. Over the past two years, Barclays Bank Plc has invested over 240 million pound on growing its retail and commercial banking businesses in India.

It currently provide services to over 9,00,000 clients and customers nationwide. Barclays believes India plays an extremely important role in building and diversifying its emerging markets business.

"Barclays is committed to providing its customers with the best possible standards of service while looking after its shareholder value," the spokesperson added.

British banking entity Barclays Plc in May reported a 15 per cent jump in first quarter profits at 1.37 billion pounds even as the bank incurred substantial write downs during the same period.

For the three months ended March 31, 2009, Barclays has posted a profit before tax of 1.37 billion pounds, climbing 15 per cent as compared to the year-ago period. In the corresponding quarter a year ago, the same stood at 1.19 billion pounds.

The financial sector has been hit the most in the global economic turmoil, resulting in huge losses for many entities operating in the segment.

According to the spokesperson, India too is experiencing 'slowdown' like any other country.

"The 'slowdown' (in India) is identical to what have been felt by our global peers in the past and several other banks and financial service providers in the country. Barclays India is no exception," the official said.

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