Barclays is set to employ 5,000 people across a series of new offices in Glasgow, as large investment banks increasingly base non-revenue generating roles outside London.
The UK lender is opening a new ‘campus’ for thousands of staff in the Tradeston district of the Scottish city, complete with a street food market and community exhibition spaces across five offices.
The bank has plans to double headcount in the Glasgow base to reach 5,000 by the end of 2023.
“This campus will give us a competitive advantage through its technology and capabilities, and help us attract the best talent to drive our business forward,” Barclays’ chief executive Jes Staley said in a statement. “We wanted to create something transformative that would have a lasting impact on Glasgow, its people and the local economy. I am proud of the opportunities we have created – not just through jobs, but also through our supply chain and community initiatives.”
Nicola Sturgeon, first minister of Scotland, said the 500,000 square feet of office space represents “one of the biggest inward investments to have ever come to Scotland”.
Barclays launched a back-office operation in Glasgow for its investment bank and wealth management units in 2010, with the initial creation of around 600 jobs, and has been expanding over the past decade.
The move is part of a so-called near-shoring trend, where banks have transferred functions out of London to less expensive parts of the UK where highly-ranked universities provide a pipeline of talent.
Morgan Stanley also has a significant presence in Glasgow, where it houses operations functions for its investment bank, while earlier this year, Goldman Sachs opened its first office outside of London, unveiling plans to hire an initial 200 people for a new technology centre in Birmingham.
The Midlands city is also home to HSBC and Deutsche Bank, which houses 1,000 staff in support functions there.
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