Back office jobs may be under threat as Barclays is not renewing its BPO contract with Siemens, which ends this year.

Siemens has been running back office processes for Barclays since 2000, with around 500 employees based across Britain.

The bank has released a statement explaining "we do not plan on continuing to base the current activity at the Glasgow and Beeston sites in the future" and that Siemens staff have "been advised that once the activity is integrated back into Barclays, their roles will become redundant".

Barclays has hinted at a possible extension of the contract for a twelve-month period for a smoother transition process, and says it will work closely with Siemens to minimise any potential job losses.