Belfast Telegraph

Barclays could expand Dublin offices after Brexit

Barclays is considering expanding its Dublin offices after Britain leaves the EU, the latest in a string of banks reacting to the expected loss of access to the single market.

The Irish capital is one of a number of EU cities the lender is eyeing as part of contingency plans, although it is not clear whether London-based jobs would be moved or if new staff would be hired.

Barclays already has a subsidiary and banking licence in Dublin - where around 100 staff are employed - giving it access to the single market after Brexit.

The lender has operations in other cities EU cities including Frankfurt, Madrid and Paris.

A Barclays spokesman said: "We have made clear repeatedly that we will plan for a range of Brexit contingencies, including building greater capacity into our existing operations in Dublin.

"Identifying available office space is a necessary and predictable part of that contingency planning process."

Chief executive Jes Staley affirmed the bank's commitment to Britain last week, adding that Brexit would not threaten its London operations.

But a number of global lenders, including JP Morgan and HSBC, have said that parts of their businesses would be moved from the City in response to Brexit and Prime Minister Theresa May's decision to rule out single market membership.

It means UK-based banks are likely to lose passporting rights, which allow financial services to trade freely within the EU's single market.

US bank Citigroup and insurance market Lloyd's of London have also said they are evaluating the feasibility of shifting some UK-based operations to the EU, and will make decisions over the coming months.

Mrs May met bank bosses and business chiefs at the World Economic Forum in Davos, Switzerland, last week, days after unveiling priorities for Brexit negotiations.

The Prime Minister said the talks were "positive" and insisted her vision of a "global Britain" would keep posts in the UK.