Barclays to expand Irish operations to mitigate Brexit impact
Barclays has confirmed plans to expand its Dublin operations as part of Brexit contingency plans, amid uncertainty over future trading arrangements for financial services.
It is understood that the bank’s Dublin office could be bolstered by up to 150 staff, potentially doubling its size, although it is not clear whether that would be the result of local recruitment or the relocation of UK jobs.
Barclays would not comment on how many employees could be added to its Irish operations, saying that it was still in discussions with the regulator over plans to use the Dublin subsidiary to continue trading within the EU.
The bank confirmed on Friday that it plans to use Barclays Bank Ireland as its EU hub to mitigate any potential disruption to business after Brexit.
“Barclays Bank Ireland, which has a banking licence and which we have operated for almost 40 years, provides a natural base and we are engaging with our regulators in discussions to extend its activities,” the bank said, in a statement.
“While we remain confident of continued deep inter-linkages between EU and UK financial services markets, in the absence of certainty around the timing and composition of an agreement, we intend to take necessary steps to preserve ongoing market access for our customers.”
Barclays Bank’s UK offices at Canary Wharf, London. Photograph: Paul Ellis/AFP/Getty Images.