Barclays is switching between 40 and 50 investment banking jobs from London to Frankfurt, as he prepares to exit the UK from the EU.
Earlier the Bank, which employs 48,700 people in the UK, said it will expand its operations in Dublin 150-200 jobs, making Ireland a base for trade in the EU.
But it turned out that some of these jobs will be based in Frankfurt, although technically people will be employed Irish unit, according to a report from Reuters. Most of them should be hired on the spot and not physically moved from London.
It is clear that the victims role in the sales team of the Bank is Euro. The shift will allow the Barclays to continue trading in euros to European customers, even if the UK leaves the EU in March 2019 with no commercial transactions or transfer of agreement.
The Executive Director of Barclays, Jes Staley, said last year that he sees no reason to change many British jobs in Europe as a result of leaving the UK and described the restructuring necessary to leave the EU, as simple in comparison with other problems faced by the Bank.
A Bank representative declined to comment.
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Lately, there have been intense speculation about the number of jobs that will be lost in the financial industry, which currently employs 1.1 million people in the UK, as a result, the quarter and month.
Initial projections were about 10,000 job cuts, but in March, a Reuters poll 119 Finance firms found that the possible reduction may be only half that number. He found that Paris was edged Frankfurt and Dublin to the side as the most popular destination.
Goldman Sachs decided to split the EU-facing business between Frankfurt and Paris. Morgan bought a landmark office building in Dublin to house 1,000 employees, double the number currently working in the city, while shares of HSBC said that it plans to create 1,000 jobs in Paris.