Global bank, Barclays, is set to create 600 jobs in the city of Glasgow, Scotland. It plans to expand its presence in the city, with a new facility for its investment banking and wealth management division, receiving more than £6.5m in Regional Selective Assistance Funding from Scottish Enterprise.
As part of this project, Barclays is establishing a global shared services hub in Glasgow to support the activity of its investment banking and wealth management divisions and should take the number of staff employed by Barclays in Glasgow to more than 2,000.
Proservartner Point of View
: First Minister Alex Salmond has been quoted as stating that the move reflected the resilience and quality of Scotland's financial services industry, and that he was "delighted" that Barclays had chosen to expand its business in Scotland despite tough competition from emerging markets. However, we doubt that the development of the hub was largely due to Scotland’s “competitive” position in Financial Services. In fact, we would be very confident in concluding that this had more to do with the £6.5 million in grants Barclays will receive for creating jobs in Glasgow!
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