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Pam O'Keeffe, a spokesperson for Barclays, confirmed the cuts and told Shout99.com: "It wouldn't be a concern to us if all of our IT contractors walked out over this, obviously we hope they won't, but it wouldn't affect the services or products we offer or our infrastructure as a whole.
"The cuts will affect around 800 people here and are being carried out in the appropriate fashion. Contractors who form part of Barclay's IT operation 'Enable' will have their contracts terminated and will be offered new contracts featuring the 20 per cent cut."
Miss O'Keeffe explained that although their contractors offered good value and specialist skill sets, they weigh in at around 1.5 to two times the cost of most of their employees and that they therefore represent an area where the bank group can free up costs.
She added: "We announced we would cut costs across the board by £1 billion over four years at the beginning of 2000."
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Richard Powell, Shout99
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