As the market for large scale IT outsourcing arrangements weakens due to the recession, Barclays has decided not to renew its deal with Accenture when it expires in June.
The $640 million contract, first signed in 2004, jobbed out application development and management of Barclay’s UK commercial and retail banking system. Barclays wanted to improve staff flexibility and lower costs of developing and maintaining software. While the bank hasn’t publicly said much about why it’s bringing IT back in house, the bank said it recently completed a standard process review before deciding not to extend Accenture’s deal.
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