Bank sees huge savings using 'open source' software

Barclays has said it has reduced its IT spending for the development of new software and applications by 90 percent after moving to an internal private cloud environment and using open source Linux software.

The Sunday Times reported Barclays is saving billions by using open source software, in what was deemed a "snub" to leading vendors like Microsoft and Oracle.

However, a spokesperson for Barclays told V3 it was continuing to work with existing suppliers, but it was also taking advantage of the benefits of alternative IT systems to improve efficiencies across its business.