Barclays Capital creating hundreds of operations jobs in Scotland

1 June 2010

2 minute read

Barclays Capital creating hundreds of operations jobs in Scotland

Barclays Capital is set to create "several hundred" roles in Glasgow as it rolls out a 'shared services hub' for operational functions with its sister company Barclays Wealth north of the border.

This is obviously great news for Scotland, but could see some job losses or transferrals from London, Singapore and New York.

Barclays Wealth already has back office functions in Glasgow, but Barclays Capital's global operations - currently performed out of London, New York and Singapore - is set to transfer across to Scotland.

Securities operations, operations control (within equities, fixed income, credit derivatives, commodities and structured products and loans and treasury), as well as reference data roles are set to be created in Glasgow, and sources tell us this will amount to around 300 jobs.

Barclays as a group already employs around 1,700 in Scotland - largely in back office functions.

Staff were informed about this development on Wednesday last week, according to sources, and the bank is aiming to fill the roles within an "aggressive timescale", thought to be by October.

Job losses and transferrals within London, New York and Singapore are "not likely to be significant", says the source.

Glasgow is again the beneficiary of banks' new-found taste for 'near-shoring' back office activities - where firms can perform operational functions more cheaply, but within the same time zone.

JPMorgan, Morgan Stanley and BNP Paribas all perform operational functions within Scotland's biggest city.

Barclays Capital said that the shared services hub would enable the two businesses to "share talent and best practice and ultimately enhance our customer and client service".

Ironically, the move comes less than a week after Royal Bank of Scotland announced it was creating 100 jobs within a new global banking & markets operations division - in Manchester.

AUTHORPaul Clarke

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michael
25 August 2010
as a former operations staff for 30 years it does not suprise me that getting people to relocate to glasgow from london would be problematic.for those with families settled in the south east england nearing the end of their careers surely it cannot be a good move. barclays capital lack foresight and in my experience do not value their employees enough.
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Aamar
13 August 2010
Hello,
I have been offered a position with DBOI as analyst in Birmingham. Could someone please advise me if DBOI is a god place to work? Are theer any chances of good money and growth?
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Big Rab
9 August 2010
peanuts, monkeys and not answering the phone after 5pm..for being in scotland. Are you being serious?! Talent pool in places like Glasgow and Belfast were back office jobs seem to be heading is considerably higher than what exists in London. Fact is back office roles are sent to these areas to be cleaned up, made simple and sent to India were the cst is even cheaper- take CLS and MM Invesyigations for example. any complex areas will always remain in London..with those with experience eventually heading to london where the money is! end of rant
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georgepaphos
28 June 2010
come winter when its snowing freezing and there is f all to do after work , one will think yeh, ok, cost of living is cheaper wages are half but, what is there to do ???
Theres a reason why people from all over the world come to London, and its not to see Big Ben
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jayanta
17 June 2010
Whatever is happening is in favour of Glasgow, Financial sector is now moving in a different direction which cant be stoped by any bank. Banks cant afford to move against the current, they will have to move with the current in order to stay competitive. The big question is how long Glasgow can continue to be competitive?
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