Barclays to increase employees in India

British banking giant Barclays will add thousands of new employees to its India headcount following the takeover of its Dutch rival ABN AMRO, news agency Press Trust of India (PTI) reported on Monday.

It is reported that the deal, the biggest ever mergers and acquisitions in the financial services space, would create the largest institutional asset manager and the world's eighth largest wealth manager but will result in over 12,000 job cuts at the two banks' operations across the world.

However, India will be a net gainer in terms of jobs as well as expanded operations of the two banks.

PTI said that the number of new jobs have not been disclosed, but it quoted sources as saying that the figure could be anywhere between 8,000 and 10,000.

"Part of the expected staff reduction will be through establishing shared services and off-shoring those positions to low cost locations, such as India, where new staff will be recruited at ABN AMRO's existing ACES operations," PTI quoted ABN AMRO and Barclays as saying in a joint statement.

Source: Xinhua