Barclays to create 600 jobs

Click to follow

Barclays announced today that it is to create up to 600 jobs in Scotland, providing a much-needed boost to the financial services industry.

The roles will be created as part of an expansion of the banking giant's operations in Glasgow, creating what it hopes will be a "market-leading centre of excellence".

The news provides a boost for the financial sector, which has been hit by a number of recent jobs blows.

Last week the Royal Bank of Scotland revealed it was axing 3,500 posts under plans to more than halve its administration centres across the UK.

Life and pensions group Standard Life also announced last week that it was cutting up to 600 jobs, with about 480 to go in Edinburgh.

The new jobs at Barclays are being created with the help of public cash as the bank is to receive a grant of up to £6.6 million from Scottish Enterprise.

This regional selective assistance funding is linked to Barclays meeting a number of conditions over the coming years, which could see the number of people it employs in Scotland rise to more than 2,000.

As part of its expansion plans for Glasgow, Barclays is to establish a global shared services hub to support its investment banking and wealth management divisions.

It will also continue to focus on the city as a centre of growth for many areas of its global wealth management businesses.

The financial services sector already employs about 95,000 people in Scotland and accounts for around 8% of the country's GDP.

The new jobs were announced as Scotland's First Minister, Alex Salmond, visited Barclays Aurora building in Glasgow.

He said: "Scotland has a long-established reputation as a global financial centre with the infrastructure and expertise that can deliver success.

"The biggest names in the industry continue to invest in Scotland despite tough competition from emerging markets and I am delighted that Barclays has chosen to expand its business in Glasgow with an additional 600 staff.

"Barclays is already one of the top employers in Scotland and its plans to increase its presence here reinforces Scotland's status as a global leader in finance.

"The Scottish Government, Scottish Development International and Scottish Enterprise work hard to promote Scotland as a key location for financial services. These 600 new jobs mark further growth in this significant sector of Scotland's economy."

Ian Axe, head of operations for Barclays Capital and Barclays Wealth, described today's announcement as "an exciting development for clients, staff and potential employees in Glasgow and across Scotland".

He added: "We have been clear about our desire to build out our existing infrastructure framework in Glasgow into a market-leading centre of excellence that will enable the two businesses to share talent and best practice, with the common goal of continually enhancing our business processes and customer and client service."

Des Byrne, head of Barclays Stockbrokers, said the company was "absolutely delighted" to have agreed the terms of its grant with Scottish Enterprise.

He added: "Since opening the Aurora building in Glasgow in 2007, Barclays has been committed to creating a powerful legacy of customer service, job creation and community involvement in Scotland, and today's announcement is the latest step on that journey."

Anne McColl, interim chief executive at Scottish Development International (SDI), said: "Barclays' decision to expand its existing operations in Glasgow is testament to the calibre of those working in the financial services industry in Scotland, and to the work of my SDI colleagues who are continually promoting Scotland as a great place to work and live."

One of SDI's key goals is to encourage inward investment in Scotland and Ms McColl said that, together with Scottish Enterprise, they had "put together a strong package of support to attract and secure Barclays' additional investment in Glasgow".