Barclays Plc is reportedly considering shifting its European headquarters from Dublin to Paris. The bank's Irish subsidiary announced that they are exploring the possibility of this move, but reassured that it would be a technical change within the European Union and would not impact the bank's employment, business activities, or revenue in the UK.
Barclays, based in London, already has a significant presence in Paris with around 300 employees. The bank has also revealed plans to add another 200 personnel by 2026. With an expanding workforce, Barclays is preparing to move into a larger office space in Paris by the end of next year, occupying 11,000 square meters near the Arc de Triomphe. This new location is an upgrade from their current 6,000-square-meter premises.
The bank currently has approximately 1,800 employees across 10 EU countries, with its Paris office almost matching the size of its Dublin branch. As of the end of 2022, Barclays had a total of nearly 90,000 employees worldwide.
Barclays emphasized that this exploratory move of their headquarters would not disrupt the services provided by Barclays Europe to its clients. The potential relocation would only affect a small number of roles in Dublin and could take place within the next two years.
Since the UK's departure from the European Union over two years ago, several financial institutions have been establishing or expanding their presence in continental Europe. Dublin and Paris have both emerged as popular destinations for these firms to relocate their operations and maintain access to the EU market.