Barclays to overhaul back-office operations to cope with ring-fencing
New unit set up to provide support services to retail and investment banking when formally separated
Tue, Feb 07, 2017 - 5:50 AM
The overhaul, including the creation of the new company, will affect most of the more than 10,000 people who work in Barclays back-office operations in 17 countries around the world. The structural change at the bank shows the upheaval that British banks face to meet the rules that come into force in 2019.
BARCLAYS plc is about to overhaul its back-office operations under a restructuring to help it comply with new post-crisis rules forcing British banks to ring-fence their retail operations from their riskier business.
It has formed a new company that will operate as a...