Barclays Selects Accenture

Wednesday 23 June 2004 13:31 CET | News

Barclays in the UK has signed a six-year contract worth more than GBP 400m to outsource information technology (IT) application development and management related to its UK-based commercial and retail banking systems to Accenture.

Accenture will provide staff and services related to systems development, enhancement, support and maintenance activities, functions currently managed by Barclays shared IT service function. Barclays retains responsibility and management oversight for IT strategy development and will maintain staffing in selected areas. The investment banking and asset management operations at Barclays Capital and Barclays Global Investors are not in scope. The project is designed to help Barclays respond quickly to market demands for changes in technology and improve resource flexibility, in addition to lowering the costs associated with developing and maintaining its software applications. The contract is part of Barclays ongoing strategy to improve the agility, efficiency and capability of its information technology, which includes selective outsourcing to strategic suppliers. As part of the agreement, approximately 900 Barclays employees will transfer to Accenture in the UK over a 12-month period. Creating the most positive outcome for the employees involved was a key focus of the contract negotiations, which included consultation both with employees and with UNIFI, Europes largest specialist finance sector trade union. The transfer terms will maximise employees career options and maintain their employee benefits. There will be no compulsory redundancies for the first two years of the contract. The transfer terms agreed set new standards above and beyond UK legal requirements.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce