Barclays is set to bring 600 jobs to Glasgow, establishing a global shared services hub in the Scottish city to support its investment banking and wealth management divisions.
The new jobs are in part the result of public money, supported by a grant of up to £6.6 million of regional selective assistance funding from Scottish Enterprise. The grant is conditional on job creation milestones aimed at getting the total number of Barclays employees in Scotland to over 2000.
The news comes after a grim couple of weeks for financial services staff in Scotland. The Royal Bank of Scotland's Direct Line insurance unit recently told around 400 staff at its Glasgow offices that their jobs are being axed while Standard Life is cutting about 500 jobs, most in Edinburgh.
Ian Axe, head, operations, Barclays Capital and Wealth, says: "This example of collaboration between the investment banking and wealth management divisions at Barclays is an exciting development for clients, staff and potential employees in Glasgow and across Scotland. 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."
Alex Salmond, First Minister, Scotland, adds: "Scotland has a long-established reputation as 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."