Where are these hundreds of Barclays Capital hires going to come from?
Barclays Capital's major recruitment drive in Glasgow - believed to in the region of 300-350 hires - needs to be wrapped up by October. But with such a large number of roles to fill, where is it looking for talent?
As we revealed previously, Glasgow is benefiting from Barclays Capital's decision to create a "shared services hub" for back office functions with its sister company Barclays Wealth.
This is a huge plus for Scotland's biggest city with hundreds of roles being created in phase one of the recruitment drive alone, according to sources.
But finding the right people for these roles will be difficult. The bank intends offer back office staff currently based in London the opportunity to transfer to Scotland, but so-far the prospect of a major relocation combined with a potential pay cut has received a lukewarm response.
This means looking locally. The obvious target for poaching is Morgan Stanley, which runs its 800-strong institutional securities team from Glasgow, but recruiters are also looking towards the fallout from retail banks' back office functions as well as the investment operations divisions of the likes of Citi, State Street and BNP Paribas.
The roles are a combination of securities operations, settlements, treasury, loans and operations controls around credit derivatives and structured products. It's the latter that's proving to be something of a headache for recruiters, with knowledge and experience of complex products relatively scarce locally.
Direct recruiters within BarCap are looking to recruit graduates - offering anywhere between 16-25k as a starting salary - while a legion of local recruitment firms have been deployed to find experienced hires within a tight deadline.
Experienced hires may be offered approximately between 25-50k, while managerial roles are offering anything from 40k up to six figure sums, dependent on experience or the product area.
It's possible for a settlements manager with 5-7 years' experience to earn 50-60k in London, according to the Robert Walters 2010 salary survey.
Those in paralegal and economics roles are also being targeted by recruiters, say sources close to the situation.
