Barclays Plc, one of the largest banks in the United Kingdom, is considering relocating its European headquarters from Dublin to Paris, according to a report published by the bank’s Irish subsidiary. The potential move is described as an intra-EU, technical change to the bank’s operating model and would not impact its activities in the UK, including employment, business operations, or revenue.
Barclays, which currently employs approximately 300 staff in Paris, has already announced plans to expand its workforce in the city by adding around 200 more employees by 2026. In line with this growth, the bank is preparing to move into a larger office space in Paris by the end of next year. The new office, spanning 11,000 square meters, is located near the iconic Arc de Triomphe and will replace the bank’s current premises, which cover 6,000 square meters.
Barclays has a presence in 10 European Union (EU) countries, employing approximately 1,800 people across the region. The size of its Paris office is currently comparable to that of its Dublin office. As of the end of 2022, Barclays had a total of nearly 90,000 employees worldwide, as reported in its annual report.
The bank has emphasized that the potential relocation of its European headquarters will not impact the service it provides to its clients in Europe. It is expected that only a small number of roles in Dublin would be affected by the move, which could take place within the next two years.
Since the UK’s departure from the EU more than two years ago, numerous financial institutions have been strengthening their presence in continental Europe. Both Dublin and Paris have emerged as major beneficiaries of this trend, attracting a significant number of companies from the financial sector.
In conclusion, Barclays Plc is exploring the possibility of moving its European headquarters from Dublin to Paris. The potential relocation is viewed as a technical adjustment within the bank’s operating model and is not expected to impact its activities in the UK. With plans to expand its workforce in Paris, Barclays is set to move into a larger office space by the end of next year. The bank’s European operations are spread across multiple EU countries, with Paris currently being nearly as significant as its Dublin office. The potential move is not anticipated to disrupt the services provided to clients, and any impact on roles in Dublin would be minimal. Since the UK’s departure from the EU, financial firms have been bolstering their presence in continental Europe, with Dublin and Paris being among the key beneficiaries of this trend.