Barclays BCS plans to shift some equity and credit derivatives sales jobs to Paris, as it revamps its operations ahead of Brexit. The news was reported by Reuters.
According to sources, the bank has informed its staff in charge of equity and credit derivatives about the relocation of jobs to Paris by the end of this March.
In January, Barclays got court approval to shift assets worth £160 billion from Britain to Dublin. This move is expected to affect around 5000 clients. "As we announced in 2017, Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond March 29, 2019 regardless of the outcome of Brexit," Barclays noted.
Apart from Barclays, other financial institutions have also started implementing Brexit contingency plans and relocating staff to Paris, Dublin and other financial hubs in the continent.
UBS Group AG UBS has also received approval from the London court to move assets worth €32 billion from Britain to Germany. Further, Bank of America BAC has started relocating some jobs to Paris. In addition, HSBC Holdings HSBC is shifting 1000 jobs from London to Paris, where the bank's European headquarters will be set up.
Barclays' shares have lost around 23.1% in the past year compared with the 12.6% decline of the industry it belongs to.
Currently, Barclays carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank stocks here.
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