Barclays India lets 121 employees go

Barclays India, part of British banking giant, Barclays Plc, said it has issued pink slips to 121 employees of its 5,000 strong workforce in the country.

The company yesterday said in an emailed statement, "Barclays India regretfully confirms that 121 of its employees from across the bank have been relieved from their duties."

While reiterating its commitment to India operations, Barclays India said it continued to be fully committed to its long-term plans in the country and as a 300-year-old bank it took its country investments very seriously. The statement said the company was fully committed to growth of its business in India and to continue to invest in India whether it was in infrastructure or people.

The company has been operating in India for the past 30 years and has six entities operating in the country employing more than 5,000 people.

The past two years have seen Barclays Bank Plc invest over £240 million on expanding its Retail and Commercial Banking (GRCB) businesses in India.

The bank currently provides services to over 900,000 clients and customers across India. It believes India has an extremely important role to play in building and diversifying its emerging markets business.

Barclays' operations are structured around two clusters, each with a number of business units -  global retail and commercial banking.

Barclays is a major global financial services provider with a strong presence in retail and commercial banking, credit cards, investment banking, wealth management and investment management services across Europe, US, Africa and Asia.