Commitment to Scotland
Barclays to double staff in new Glasgow campus
Buchanan Wharf: new benchmark
Barclays has confirmed that it will create a new hub in Glasgow which will house up to 2,500 staff, some relocating from other bank offices.
The bank is moving its technology and back office functions to a campus on the proposed Buchanan Wharf development on the Clyde.
The move, first revealed in early June, would double Barclays’ current workforce in Scotland, providing a huge boost to the financial services sector, and helping to regenerate the south side of Glasgow.
A spokesman told Daily Business that “most” of the 2,500 additional jobs will be “new”, while some are likely to include staff being moved from elsewhere. She said there were no current plans to close other offices.
Barclays is buying the 470,000 sq ft development from Drum Property Group and its existing Scottish operations will switch to the new campus from 2021. Barclays has an option to extend the campus by an additional 210,000 sq ft, in a second phase of development at the site.
When complete, the site will provide more than a million square feet of prime Grade A office space, residential accommodation and a mix of local amenities and landscaped public spaces.
The ground floors and public realm areas will include cafe, restaurant, crèche, touch down areas and creative spaces which can be used by residents, employees and the wider community at different times of the day.
The bank is currently based at the Aurora building on Bothwell Street and Tay House on Bath Street. It has been advised by CBRE and has been reviewing a number of sites for consolidation of its operations in Glasgow. It is also looking to build a 600,000 sq ft campus in Manchester.
Scottish Enterprise has agreed to provide a grant of £12.75m towards the project on condition that 42% of the new jobs are of “high value”. At least 341 posts should be made available for disadvantaged workers, or those who have a disability.
The development will make the bank one of Glasgow’s largest commercial employers.
Paul Compton, chief operating officer at Barclays, said: “The Glasgow campus, alongside others in Whippany, New Jersey, and Pune, India, is part of a global strategy to create world-class facilities for our functions, technology and operations teams.
“This new campus at Buchanan Wharf is a flagship project for the bank, which builds on Barclays’ long history in Scotland and clearly demonstrates our commitment to supporting the UK economy.”
First minister Nicola Sturgeon, said the project would be “transformational for Glasgow”.
She added: “The new campus will strengthen Glasgow’s financial services sector and shows Scotland continues to be a highly attractive location for inward investment.
“I am particularly pleased that as part of this investment, Barclays has committed to employing local people who often face barriers into work, including those with disabilities and young people.”
Paul Lewis, from Scottish Enterprise, said: “This investment establishes Glasgow as a key global site for Barclays, providing a platform for growth whilst also securing existing operations in Scotland.
“It will breathe new life into a part of the city with huge potential and bring significant new jobs, including employment specifically for disadvantaged workers.”
Drum managing director Graeme Bone said the project was “setting a new benchmark for large scale development across Scotland”
He added: “Our development will be one of Scotland’s largest single-site construction projects, bringing together over a million square feet of prime Grade A office space with residential accommodation, and an exciting mix of amenities and landscaped public spaces.”