MUMBAI: British bank Barclays has laid off scores of staff in its unit in India as it cuts costs amid slowing opportunities for growth, said people familiar with the development.

The UK bank, led by Bob Diamond, is merging the clients' relations team of Barclays Corporate India and Barclays Capital India, which will lead to a cut in corporate coverage and product bankers, said the people. The laying-off may not have much impact on its retail business, which anyway is insignificant compared to its rivals. The company announced the layoffs to staff on Friday.

"As a result of today's announcement, there will, regrettably, be a small reduction in the number of corporate coverage & product bankers at Barclays," said a Barclays India spokesman in a statement without revealing the number of jobs cut. "However, we would assure you that the people impact is being managed to keep it to the minimum. Those affected by redundancy will receive a fair package, according to the market value," he said.

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