Barclays Plc (BARC) will reduce its IT spending by billions of pounds after developing its own cloud- based technology, the Sunday Times reported, without saying where it got the information.
The bank, which is also beginning to use Linux’s operating system, could reduce its IT costs by 90 percent, the London- based newspaper said without attribution.
Shaygan Kheradpir, the chief operating officer for retail and business banks, is introducing the new system across the bank’s other divisions, the paper reported without citation.
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