Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 202.35
Bid: 202.15
Ask: 202.25
Change: 1.35 (0.67%)
Spread: 0.10 (0.049%)
Open: 202.50
High: 203.40
Low: 199.58
Prev. Close: 201.00
BARC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-War-rooms and oxygen: India's IT companies scramble to handle COVID-19 surge

Wed, 28th Apr 2021 12:06

(Adds response from Wells Fargo)

By Sethuraman N R and Anirban Sen

BENGALURU, April 28 (Reuters) - India's giant IT firms in
Bengaluru and other cities have set up COVID-19 "war-rooms" as
they scramble to source oxygen, medicine and hospital beds for
infected workers and maintain backroom operations for the
world's biggest financial firms.

Banks including Goldman Sachs and Standard Chartered
, who run much of their global back office operations
from large office parks in Bengaluru, Chennai or Hyderabad, have
put in place infrastructure to vaccinate thousands of employees
and their families when age restrictions are lifted on May 1.

Workers at huge technology service providers Accenture
, Infosys and Wipro say teams are
working 13-14 hours daily, under growing pressure and struggling
to deliver on projects as staff call in sick and take time off
to care for friends and relatives.

They play down any threat of a collapse in operations - but
at stake if the surge continues is the infrastructure put in
place by the world's biggest financial companies in cost-cutting
drives that have left them deeply reliant on the big Indian
offices.

"Employees have contracted COVID-19 since the second wave
began, causing severe pressure for projects that are nearing
deadlines," said one employee at Accenture, asking not to be
identified because he was not authorised to speak to the media.

Five other sources at Accenture confirmed the growing issues
with pressure of work. Accenture said it was providing some
medical care and covering the cost of vaccinations for its
employees but did not comment on the impact on productivity.

Wipro said it has not seen any disruption to operations and
has transferred some client projects to offices outside India.

Only about 3% of its nearly 200,000 employees are now
working from the office on critical projects, and it expects
more of those employees to work from home, it said. For those
who have to work from the office, Wipro said it had made living
arrangements at guest houses and hotels nearby.

Infosys, India's second largest software services firm, said
it was operating remotely across all offices and had not seen
any impact on client projects, despite the deteriorating health
situation in the country in recent weeks.

Tata Consultancy Services, India's top information
technology (IT) services firm, similarly said its operations had
not been affected.

India's second wave of infections has seen at least 300,000
people test positive each day for the past week, overwhelming
healthcare facilities and crematoriums and driving an
increasingly urgent international response.

Asia's IT capital Bengaluru, desperate to calm a daily
infection rate five times higher than in last year's first wave,
on Monday ordered a full lockdown that allows ordinary residents
to leave their homes only briefly between 6 a.m. and 10 a.m.

Local IT managers say they struggled to get global chiefs
outside India to recognise the seriousness of the outbreak.

COVID-19 'WAR ROOMS'

India's gigantic IT and call centre service industry employs
more than 4.5 million people directly and relies on huge numbers
of graduates under the age of 30.

They are paid a fraction of Western salaries and had largely
ridden out the COVID-19 pandemic working from home until the
relaxing of restrictions in recent months spurred companies to
call more employees back to the office.

Managers at Goldman Sachs' massive complex in Bengaluru, for
example, told staff in early March to prepare to return to
full-scale office working.

Chief Executive Officer David Solomon said then that the
bank owed it to its incoming class of analysts and interns to
have them come to work in offices for at least part of the
summer. The company quickly U-turned, sending all but essential
employees home on March 27 as cases began to rise.

Another large bank, Wells Fargo, said its employees in India
would continue to work remotely till at least early September.

New strains of the virus have since sent India's case
numbers soaring to global records and brought more infections
among younger Indians.

All 15 of the large companies Reuters spoke to this week
said that they now had vaccination schemes in place. Several
outlined COVID-19 "war-rooms" they had launched to support staff
and secure oxygen and other supplies.

Initially, managers outside India had not wanted their
companies' Indian operations to be seen to be jumping the queue
for vaccines, says a senior manager who runs a workforce of more
than 600 staff at a global bank in Bengaluru, asking not to be
identified.

"The India CEO and others here said: we don't care what it
looks like, people are dying."

(Reporting by Sethuraman N.R., Anirban Sen, Noor Zainab
Hussain, Sachin Ravikumar, Chandini Monnappa, Supriya
Rangarajan, Aaron Saldanha, Anand Katakam, Subrat Patnaik and
Chris Thomas in Bengaluru and Elizabeth Dilts in New York;
writing by Patrick Graham; Editing by Michael Perry and Raju
Gopalakrishnan)

More News
4 May 2024 08:37

Norway wealth fund to back Barclays CEO, chair at AGM

OSLO, May 4 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, supports the reappointment of Barclays CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank's board, the fund manager said on Saturday.

Read more
3 May 2024 17:04

Ex-Odey portfolio manager Hanbury warns investors are 'buying blind'

LONDON, May 3 (Reuters) - Former Odey Asset Management (OAM) portfolio manager James Hanbury has said in a letter to investors that passive and systematic trading strategies have grown so much that those trading on company fundamentals might be hurt.

Read more
2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

Friday 3 May 
Ashoka India Equity Investment Trust PLCGM re share issue
HSBC Holdings PLCAGM
Intercontinental Hotels Group PLCAGM
Mondi PLCAGM
More Acquisitions PLCAGM
Monday 6 May 
no events scheduled 
Tuesday 7 May 
Caledonia Mining Corp PLCAGM
CPPGroup PLCAGM
Just Group PLCAGM
Macfarlane Group PLC AGM
Plus500 LtdAGM
Supernova Digital Assets PLCAGM
Wednesday 8 May 
Airea PLCAGM
Antofagasta PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Deltex Medical Group PLCAGM
Direct Line Insurance Group PLCAGM
Fidelity European Trust PLCAGM
Haleon PLCAGM
Jardine Matheson PLCAGM
JZ Capital Partners LtdEGM re investing in a secondary fund
Oscillate PLCAGM
Pershing Square Holdings LtdAGM
Rentokil Initial PLCAGM
WPP PLCAGM
Thursday 9 May 
Ascential PLCAGM
BAE Systems PLCAGM
Balfour Beatty PLCAGM
Barclays PLCAGM
CAB Payments Holdings PLCAGM
Catenai PLCGM re convertible loan note
Clarkson PLCAGM
FBD Holdings PLCAGM
Genel Energy plcAGM
Gym Group PLCAGM
Harbour Energy PLCAGM
Hiscox LtdAGM
IMI PLCAGM
Inchcape PLCAGM
Indivior PLCAGM
John Wood Group PLCAGM
Jupiter Fund Management PLCAGM
Logistics Development Group PLCAGM
Man Group PLCAGM
Morgan Advanced Materials PLCAGM
OSB Group PLCAGM
Public Policy Holding Co IncAGM
Rathbones Group PLCAGM
RM PLCAGM
Spire Healthcare Group PLCAGM
Synthomer PLCAGM
Uniphar PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
1 May 2024 14:50

Barclays to cut jobs in investment banking - reports

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks to tackle underperformers and reinvest in new talent.

Read more
30 Apr 2024 20:30

GM in talks with Barclays to replace Goldman Sachs in credit card partnership -source

NEW YORK April 29 (Reuters) -

Read more
29 Apr 2024 10:02

LONDON BROKER RATINGS: Deutsche Bank likes Frasers; Barclays cuts JD

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more
26 Apr 2024 16:35

London close: Stocks buoyed by banking, mining positivity

(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results from NatWest.

Read more
26 Apr 2024 16:19

European bank stocks at highest since 2015 after earnings boost

STOXX Europe 600 banks index highest since Oct. 2015

*

Read more
26 Apr 2024 09:45

NatWest profit falls less than feared ahead of state escape

First-quarter profit down 27% in competitive market

*

Read more
26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
25 Apr 2024 16:57

LONDON MARKET CLOSE: FTSE 100 shakes off red-hot US inflation gauge

(Alliance News) - London's FTSE 100 outperformed on Thursday, enjoying a solid rise on largely well-received corporate earnings and a share price jump for miner Anglo American after it received a takeover bid from peer BHP.

Read more
25 Apr 2024 15:14

London close: Stocks finish mixed as US GDP growth slows

(Sharecast News) - London's stock markets finished with a mixed performance on Thursday, as investors digested a slower-than-expected GDP growth reading from the United States, while a slew of well-received earnings underpinned the top-flight index.

Read more
25 Apr 2024 11:00

Where are Wall Street's analyst notes on Trump's Truth Social?

NEW YORK, April 25 (Reuters) - Trump Media & Technology Group is one of the most actively traded U.S. stocks, yet Wall Street's equity analysts are staying clear.

Read more
25 Apr 2024 09:19

Barclays Q1 profit falls 12% as trading slump hits

Q1 profit of 2.3 bln pounds, just above forecasts

*

Read more
25 Apr 2024 08:36

TOP NEWS: Barclays first quarter profit falls but beats expectations

(Alliance News) - Barclays PLC on Thursday reported a fall in first quarter profits as a weak investment banking performance hindered performance.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.