ibs news
IBS Journal September 2015
Knives out as Barclays plans to cut 30,000 jobs
Barclays plans to cut 30,000 jobs by the end of 2017 as part of its latest cost-cutting strategy. The planned massive cull follows the
sacking of chief executive Antony Jenkins this month. He lost the confidence of the bank’s board. Jenkins’ emotions will proba- bly be soothed by the ‘golden goodbye’ of £28 million ($43.7 million) received in cash and shares. If the job cuts go ahead, Barclays’ glob-
al workforce will plummet from 132,000 to about 100,000. Reuters says Barclays targets 19,000
redundancies previously announced in May 2014, while The Times believes further job cuts are needed to boost the bank’s lacklustre performance. Not to be outdone, The Mail on Sunday received ‘leaked doc- uments’ which reveal over 30 branches in the UK between now and October will be closed. Barclays relies on multiple systems and
solutions to support its operations world- wide, including large-scale in-house developments. Over the years, it has worked with vir-
tually every major global provider in some capacity and many regional/local ones. For its wealth management division,
Barclays uses the Avaloq Banking Suite from Swiss vendor Avaloq. Treasury and capital markets are supported across a number of geographies by a range of Misys systems, acquired over the years, Fusion- capitalOpics, Fusioncapital Summit and FusioncapitalKondor.
In Africa, it is a major user of Oracle FSS’s
Flexcube. For trade finance, it is on the user lists of CGI’s Tradeline and China Systems’ Eximbills. The bank’s payments software suppliers
include Fundtech with Global Payplus, Mon- tran with GPS, B2 with GTS, TCS with Bancs
Payment, and Bottomline Technologies. For SEPA payments, there is Origix from
Sentenial. In the risk management space, it works with Wolters Kluwer Financial Services, Sopra Banking Software and SAS. Antony Peyton
Barclays HQ, London © C Ford, Wikipedia
IN BRIEF
Bank of South Pacific (BSP) in Fiji is concluding its major upgrade of the core banking system, Bancs, supplied by TCS Financial Solutions. The bank is expected to be operating on the 9.9.3 version of the system from September this year. The work has been underway since H2 2013. Speaking to IBS at the time, Kevin McCarthy, the bank’s country manager, described the
project as a ‘major undertaking’ as BSP Fiji is moving from a 15-year-old version of Bancs. The initiative, dubbed ‘Best Banking Solution’, will enable BSP Fiji to offer 24×7 remote banking services to its customers and on-the-
spot approvals. Speaking at the bank’s recent press conference, McCarthy said that a customer would be able to walk in and out of a BSP Fiji’s branch within 20 minutes with a consumer loan approved and money in their account. BSP is a regional banking group with its HQ in Papua New Guinea. It is a user for many years of Fiserv’s Signature (formerly ICBS) core
banking platform. The group has also recently taken over Westpac’s operations in Samoa, Cook Islands, Solomon Islands, Vanuatu and Tonga, all of which are also long-standing Signature users. The acquisition deal was worth AU $125 million ($92.5 million). —Tanya Andreasyan
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© IBS Intelligence 2015
www.ibsintelligence.com
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