Barclays Announces 400 UK Job Cuts

LONDON -- British bank Barclays (BCS Quote) said Wednesday it was cutting more than 400 technology jobs after a review of its operations.

The bank said the job cuts were designed to eliminate obsolete or duplicated roles and affected 158 permanent IT staff and 250 contractors based mostly in London and Cheshire, northwest England.

Barclays said it would try to limit the number of compulsory layoffs by releasing contractors, closing vacancies and offering workers the chance to apply for other jobs.

Barclays, Britain's third-largest bank by market capitalization, employs 150,000 people worldwide, 63,000 of them in Britain. ...