According to sources, the bank has informed its staff in charge of equity and credit derivatives of the relocation of jobs in Paris by the end of March.
In January, Barclays obtained court authorization to transfer assets worth £ 160 billion from Britain to Dublin. This move is expected to affect approximately 5,000 customers. "As we announced in 2017, Barclays will use our EU-based licensed banking subsidiary to continue serving our customers beyond the EU, after March 29, 2019, regardless of whether or not the Brexit result, "said Barclays.
In addition to Barclays, other financial institutions have also begun implementing emergency plans for Brexit and transferring staff to Paris, Dublin and other financial centers of the continent.
The London court also authorized UBS Group AG (UBS – Free Report) to transfer assets worth 32 billion euros from Britain to Germany. In addition, Bank of America (BAC – Free Report) has started to relocate some jobs in Paris. In addition, HSBC Holdings (HSBC – Free Report) is moving 1,000 jobs from London to Paris, where the bank's European headquarters will be located.
Barclays shares have lost about 23.1% over the last year, compared to the 12.6% decline in the industry to which it belongs.
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