Tuesday 15 October 2019

Barclays targets up to 200 extra staff for Irish hub

The bank has rented out offices at One Molesworth Street in Dublin’s city centre
The bank has rented out offices at One Molesworth Street in Dublin’s city centre

Gretchen Friemann

Barclays has launched the first phase of a recruitment drive that will eventually lead to an additional 150 to 200 jobs at its new headquarters in Dublin as the bank steps up preparations for the UK's exit from the European Union.

It is understood that initially, Barclays will look to recruit for handful of targeted, senior European-oriented positions.

A wider external recruitment will depend on completion of regulatory work and internal moves.

It is understood the British lender, which has just emerged from two years of restructuring, had delayed the job search amid ongoing negotiations with the Central Bank of Ireland.

Barclays has rented out plush new offices at Green Reit's One Molesworth Street in Dublin city centre.

Sources said the bank has yet to decide on the precise number and nature of roles it will add here, although it has drafted in headhunting firms and intends to relocate some staff from the UK.

The London-based financial services giant unveiled plans last year to make Dublin its main EU hub outside London, and intends to bolster its legal status to become a standalone subsidiary with its own capital and regulatory oversight.

Its sales and trading desks, however, are likely to wind up in Paris.

Barclays is among a host of international banks to establish or beef up operations in Ireland in reaction to Brexit. Yet these moves typically exclude the high-value corporate banking and sales and trading roles, with Frankfurt and Paris securing the majority of these businesses.

Goldman Sachs, Citi, Bank of America Merrill Lynch (BAML), Morgan Stanley, Barclays, Credit Suisse, JP Morgan and HSBC are among the global banks that have funnelling these top-tier positions to the Continent, with Dublin viewed more as a location for legal, risk management, compliance, tech and wholesale credit functions.

However, Dublin and Luxembourg have proved the chief beneficiaries of Brexit-related moves from the UK's €9.1tn asset management industry as fund managers race to establish an EU subsidiary to ensure they can continue serving clients on March 29. Barclays declined to comment.

Irish Independent

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