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Barclays to move UK jobs to Frankfurt ahead of Brexit

Barclays is to shift between 40 and 50 investment banking jobs from London to Frankfurt as it prepares for Britain’s exit from the EU.
Previously, the bank, which employs 48,700 people in the UK, said it would be expanding its operations in Dublin by 150-200 jobs, making Ireland its base for continuing to trade within the EU.
But it has emerged that some of those jobs will be based in Frankfurt, although technically the individuals would be employed by the Irish unit, according to a report from Reuters. Most are expected to be hired locally rather than physically moved from London.
It is understood that the roles affected are in the bank’s euro trading team. The shift will allow Barclays to continue trading in euros with European clients even if the UK leaves the EU in March 2019 with no trade deal or transition agreement.

The Barclays chief executive, Jes Staley, said last year that he saw no reason to shift many British jobs to Europe as a result of Brexit and described the restructuring required leaving the EU as straightforward compared with other challenges faced by the bank.
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