Barclays, one of the world’s largest banks, is on expansion plan in its birth country, United Kingdom, and will be creating 600 new jobs in Glasgow, Scotland. The job creation is to be achieved through the opening of new investment banking and wealth management division. In addition to this, a global shared services hub will be formed to support the two said banking activities.
The latest development, when implemented at full forces, will see a total number of Barclays staff in Glasgow increase past the 2,000 people mark.
The bank’s plan is also to be boosted with the GB6.4 million of Regional Selective Funding from Scottish Enterprise, the Scottish Government’s wing set up to foster economic development, enterprise, innovation and investment in business in Scotland, backed with another round of funding from the Financial Services Advisory Board (FISAB).
Altogether, there are more than 95,000 working in the financial services industry in the country with the sector accounting for about 8% of Scotland’s GDP (Growth Domestic Product).
Of recent, Scotland has been hit by major job cuts and losses, including Standard Life, Scotland’s biggest insurer, which announced 500 job cuts last week, as well as Direct Line, another insurance company owned by the Royal Bank of Scotland (RBS), which planned to slash over 600 jobs.
In 2008, Forbes named Barclays as the 25th largest company in the world, while Datamonitor publishing firm listed the bank as the world’s largest financial services provider with over $3 trillion in total assets. Barclays is globally headquartered in Canary Wharf, London.