Barclays Wealth to create 500 new jobs in Glasgow

20 Nov 2006

Barclays Wealth, the UK's leading Wealth Manager, today announces that it is to create 500 jobs in Glasgow over the next three years. Barclays Wealth is undergoing a period of rapid expansion and the roles will be largely focused on building a solid infrastructure operation to support the business as it grows. Barclays Wealth, which is already based in four sites in Glasgow, has secured four floors in the city's prestigious Aurora building to house its expanding workforce.

Barclays Wealth is a top ten employer in Glasgow, and already employs 1,200 staff in the city and first entered Glasgow with the launch of Barclays Stockbrokers in 1986. This combined with Glasgow's growing reputation as an important European financial services centre, makes the city a natural place to create an infrastructure hub for the business's growing operations.

Barclays Wealth has pledged to invest £125m each year globally over the next three years into people and infrastructure on a pay as you go basis as the company strives to meet its ambitions as Europe's premier Wealth Manager.

Frank McGarahan, Chief Operating Officer, Barclays Wealth, said; "Barclays Wealth has ambitious growth plans and we need to build on our existing infrastructure capability to meet the demands of our growing client base and increased global presence.  We aim to add 500 roles within the next three years which we believe will be critical in enabling us to deliver a first class service to our clients.

"Barclays Wealth has had a strong presence as an employer in Glasgow for over twenty years and we are delighted to be building on this success and demonstrating our commitment through our expansion in the City. We are grateful to the Scottish Executive and SDI for their unstinting support and look forward to a long and successful relationship with them going forward.

"Glasgow is extremely accessible, with direct links to many of the financial services centres within which Barclays Wealth operates and that combined with its high quality, highly-educated work force and the fact that we already have a successful, well-established business here, make Glasgow an obvious choice for the expansion of Barclays Wealth's operations."

Deputy First Minister Nicol Stephen said; "I am delighted to welcome Barclays latest project to Scotland which will help to create 500 new jobs.  I am also pleased that the Scottish Executive has helped this expansion come to Glasgow with a Regional Selective Assistance (RSA) grant of £4.2m.

"The creation of these new jobs presents hundreds of people with the opportunity to work in a quality customer relations management capacity and allows Barclays to take advantage of the area's skilled workforce.

"Barclays' decision to bring these jobs to Glasgow further strengthens Scotland's position as one of Europe's top financial centres.  Since the turn of the decade, the financial services sector in Scotland has grown by 36 per cent, significantly faster than the UK financial services industry as a whole. I wish Barclays every success for the future."

Martin Togneri, Chief Executive of Scottish Development International, which worked with the company on its plans, said; "This is a great success in what has already been another remarkable year for Glasgow's International Financial Services District. Over 29,000 people now work in the financial services sector in Glasgow and to date £750 million of investment has been secured for the IFSD with more than 90% of this coming from the private sector. Scotland's profile in world financial markets has been greatly enhanced this year thanks to increasing investments by blue chip companies such as Barclays."

 

About Barclays Wealth

Barclays Wealth is the leading wealth manager in the UK with £84bn assets under management (2006). It is made up of a number of businesses that provide customers with a comprehensive range of solutions covering private banking, investment, life and pensions to meet their financial planning needs, in the UK and overseas.

Barclays Wealth is part of the Barclays Group, one of the largest financial services groups in the world by market capitalisation. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth and investment management services. Operating in over 60 countries and employing over 113,000 people, we move, lend, invest and protect money for over 25 million customers and clients worldwide.

  • Aurora at night