Barclays in the UK Signs GBP 400m Contract with Accenture.LONDON -- Barclays in the UK has signed a six-year contract worth more than GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 400m to outsource information technology (IT) application development and management related to its UK-based commercial and retail banking systems to Accenture (NYSE NYSE See: New York Stock Exchange : ACN ACN Accenture (stock symbol) ACN Accenture ACN Australian Company Number ACN Automatic Collision Notification (US DOT) ACN Acetonitrile ACN Anglican Communion Network ). 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 will retain 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 Barclays Capital is the investment banking division of Barclays plc. It is a primary dealer in U.S. Treasury securities and various European Government bonds. Barclays Capital is led by CEO Robert (Bob) Diamond, an American who had been vice-chairman of Credit Suisse First and Barclays Global Investors Barclays Global Investors is a subsidiary of British-based Barclays Bank which is in the investment management industry. It is the largest corporate money manager in the world, with over £936 billion (US$1.77 trillion) under management as of March 2006[1]. 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 retail and commercial IT, which includes selective outsourcing to strategic suppliers. As part of the agreement, approximately 900 of Barclays UK 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 UNIFI Università Degli Studi Di Firenze (University of Florence, Italy) UNIFI Universal Financial Industry Message Scheme (business modeling methodology and XML syntax) , Europe's 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. David Weymouth, Chief Information Officer, Barclays says: "Working with a recognised leader in global technology capability is an important step in ensuring that we deliver top-quartile capability and productivity in the vital area of systems development. We have worked closely with our union partner UNIFI and Accenture to manage the impact on employees and remain committed to being an employer of choice without compromising our ability to drive the business forward." "Selective outsourcing is an increasingly important strategy for high-performance companies and can help Barclays differentiate itself in the marketplace," said Stephen G. Racioppo, global managing partner for outsourcing for Accenture's Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. operating group. "Our goal is to help Barclays realise its strategy by making Accenture's skilled staff, IT development and maintenance tools, capabilities and delivery centres a seamless part of the Bank's retail and commercial operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. for IT." Lead negotiator for UNIFI, Keith Brookes, said today: "UNIFI is happy with the deal. Negotiations have been tough, but were conducted in an open atmosphere where both parties recognised their respective interests." About Barclays Barclays is an international financial services group engaged primarily in banking, investment banking and investment management. In terms of market capitalisation Noun 1. market capitalisation - an estimation of the value of a business that is obtained by multiplying the number of shares outstanding by the current price of a share market capitalization employed, Barclays is one of the largest financial services groups in the UK. The Group also operates in many other countries and is a leading provider of global services to multinational corporations
About Accenture Accenture is a global management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects , technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 95,000 people in 48 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com. |
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