Good people, good skills, goodbye.
I worked in Barclays as a contractor on and off for about 7 years. When I started, they had a great core team of really talented and committed people who, even despite the strict controls, were able to produce serious and innovative solutions. Each time I went back, the skill set was lower, as was the morale.
When I last left in 2007, just before they closed their Poole IT operation, everybody was already expecting that the bulk of the support was going to be shipped to India and Singapore. The result is that the best people, even those who would have been happy to stay until their (non-contributary, final salary) pensions kicked in have left. This was the bulk of their long-term knowledge and experience.
And everybody was just really pissed off, to the point where they just lost their interest in the job. Every time they had an employee satisfaction survey, the results just kept going down, and the higher management could not understand why. They were mandating more and more work to be done out of normal working hours, and not paying overtime to the most technical people (they were on a pay grade where overtime was just expected). Surprise, surprise, nobody volunteered.
And to make it worse, the bigwigs listened to the computer vendors sales-droids more than their own people, who knew the business best.
I don't expect that I will work for Barclays again, because there will just not be the jobs in the UK unless they decide to insource again.