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31 May 2012 | Adam Leach
Financial services firm Barclays is to shift some “key roles” within its UK purchasing function to its offices in Singapore.
SM understands that the decision to move an as yet undisclosed number of jobs to the country is part of its plan to cut costs by £2 billion by 2013, while the company is also looking to capitalise on the skills currently present in its Singapore procurement office and the number of suppliers it deals with in the region.
A spokesman for Barclays confirmed the news to SM. “Certain key roles are to be relocated from the UK to our global procurement centre in Singapore where we already have a significant infrastructure presence.
“This will ensure global procurement teams will have the right locations within the right time zones to serve the business efficiently and in a cost-effective manner across the globe.”
It is also understood that the transfer of jobs from the UK and US will mean a greater focus on Singapore and the surrounding countries. The company is looking to capitalise on the existing skill set present in its procurement office and to further develop it into a global centre of excellence.
Barclays has communicated the news to its employees. The jobs involved will be moved in several months' time following consultations with staff and other associated processes.