Barclays Wealth is in negotiations to expand its outsourcing agreement with Bank of New York Mellon and consolidate its business administration in Glasgow under a major re-organisation that will lead to the closure of its operations centre in Peterborough.
Barclays plans to transfer the majority of the Peterborough positions to Glasgow where a new administration hub is being created. Staff directly affected by the outsourcing pact with BNY Mellon will be given the opportunity to move to the US bank's Brentwood operation.
BNY Mellon already has an existing outsourcing relationship with Barclays for funds administration services.
The expansion of the deal and closure of the Perborough site follows a 12-month review by the UK bank into its operational architecture and back office processes.
The move has been condemned by finance union Unite.
Unite national officer Keith Brookes says: "We're shocked and disappointed that Barclays intend to close their Peterborough site by the end of 2008. Unite has been in consultations with Barclays over their plans and is working hard to protect its members' interests and to mitigate against the impact of these changes."