Barclays shifts billions of pounds to Dublin because of Brexit

[AtW]

Barclays is moving €190bn (£166bn) of assets to Dublin because it "cannot wait any longer" to implement its Brexit contingency plan.

The High Court, which has approved the move, says the move involves 5,000 clients. However, few jobs in London are expected to be affected.

The business amounts to around 15% of the bank's £1.2 trillion in total assets and was previously conducted in the UK through branches across the EU.

The plans will be in place by 29 March.

The bank's Dublin operation is expected to double in size to 300 people as a result of the business being channelled though the Irish capital.

Barclays shifts billions of pounds to Dublin because of Brexit - BBC News

It's only 5000 clients, so who cares?

[shaunbhoy]

However, few jobs in London are expected to be affected.

[Uncle Albert]

The bank's Dublin operation is expected to double in size to 300 people

150 jobs that would have been in the UK. More importantly it shows just how little confidence there is in how a UK outside of the customs union and single market will perform.

The rats are abondoning the sinking ship.

[shaunbhoy]

150 jobs that would have been in the UK.

No they wouldn't.

[Old Greg]

No they wouldn't.

[Whorty]

That's the spirit Who needs that capital in our economy? We'd only waste it

[Uncle Albert]

No they wouldn't.

Well, as those jobs are only being created in Ireland to cope with the extra work that has been shifted to Ireland from the UK, it's fairly safe to assume that a similar number of people were doing that work here. Barclays are not a charity and won't carry on employing people in jobs that no longer exist.

Think about it for a moment. You might work it out.

[AtW]

Tax base is moving - asset managers would make 0.5-1% per annum, that billions in tax leaving

[shaunbhoy]

it's fairly safe to assume that a similar number of people were doing that work here.

Barclays are not a charity and won't carry on employing people in jobs that no longer exist.

few jobs in London are expected to be affected.

Whaddya know? Maybe Barclays ARE a charity after all? The only other explanation is that you are talking out of your arse again.

The bank's Dublin operation is expected to double in size to 300 people as a result of the business being channelled though the Irish capital

The important bit is in bold. These are new jobs.

Think about it for a moment. You might work it out.

I've thought about it. Barclays are NOT in fact a charity. You really ARE as stupid as your comments suggest.

[AtW]

So that means Brexit is bad for business, thanks Sarg