Thu, 27 Jun 2019

Barclays to double workforce, will become biggest bank in Ireland

By Sheetal Sukhija, Denmark News
15 Dec 2018, 09:29 GMT+10

DUBLIN, Ireland - Months after picking the Irish capital as its post-Brexit European hub, the U.K. lender Barclays has now announced its plans to expand its operations in the country.

This week, Barclays not only opened its new office building in Dublin, but also announced plans to double its Irish workforce.

With the Brexit deadline nearing soon, Barclays opened its new Dublin office, which is spread across 37,000 sq ft.

The lender said that its new office is located at One Molesworth Street and has been build to accommodate its 150 employees in the city.

During the launch of the new office, Barclays CEO Jes Staley announced that the bank intends to double its headcount by the end of next year.

Staley added, "This is a very exciting time [as] we look to leverage the successful platform that we have built over our past 40years in Dublin to continue delivering our sophisticated suite of services to clients across Ireland and our other European markets."

He further explained why Barclays picked Dublin over Frankfurt as its post-Brexit EU hub.

Staley said, "The choice of Ireland to be the focal point for our European operations was a clear one, given the unique business and cultural links between the U.K. and Ireland, and we are very proud to be playing a role in the continued evolution of financial services in Ireland."

According to the lender, its new office is set to serve as a base for corporate and investment banking, wealth management, and card services.

Following its expansion, which is awaiting regulatory approval from the Central Bank, Barclays' new office in Dublin will be a hub for its banking activities across Europe.

Its operations would include corporate and investment banking, wealth management and card services.

Further, after the expansion, Barclays Ireland will have roughly 250 billion euros assets under management - making it the biggest bank in Ireland by that measure.

Kevin Wall, CEO, Barclays Bank Ireland, said, "The attractive fundamentals of the Irish economy, along with the scale and ambition of indigenous corporates, means that we are in a strong position to grow our presence in the Irish market further."

Wall added, "We intend to build significantly on the successful platform that we have built up over the past 40 years by strongly pursuing opportunities to grow the business, providing a wide range of banking services to large corporate entities and advisory services to private banking management clients."

Barclays' Dublin operation will involve a strategic European branch network across Amsterdam, Frankfurt, Hamburg, Lisbon, Madrid, Milan, Paris and Stockholm.

At the opening of the offices, Taoiseach Leo Varadkar said, "On Brexit, we are pleased that an agreement has been reached between the EU and U.K. negotiators on a withdrawal agreement and a joint political declaration on the future relationship. We profoundly regret that Brexit is taking place, but we respect the decision of the British people. Our commitment to our EU membership is stronger than ever."

He added, "Whatever happens, we will continue to offer multinational companies a unique gateway into the European Union and its single market English- speaking, pro-enterprise, politically stable."

Meanwhile, Minister for Business, Enterprise and Innovation Heather Humphreys, TD, said, "I warmly welcome this news from Barclays. This new office will provide them the space required for the expected doubling of their workforce next year as they enlarge their Dublin operation. Barclays have a long and proud history in Ireland, and this year marks their 40th anniversary here."

Humphreys added, "This announcement once again shows that Ireland is now a major player and a very attractive location for financial services companies from all over the world, and todays announcement from Barclays is a great vote of confidence in what we have to offer."

The announcement was also welcomed by IDA Ireland CEO Martin Shanahan.

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