Barclays to move 50 UK jobs to Frankfurt ahead of Brexit

Barclays is planning to move roughly 50 UK investment banking roles to Frankfurt to continue its business within the European Union after Brexit.

The company already warned recently that it would expand its operations in Dublin by 150-200 jobs to make Ireland its European base and continue trade with the EU even if the UK leaves the EU without a transition agreement.

It was revealed on Monday that 50 of those jobs will be based in Germany even though they would be employed by the Irish unit according to Reuters.

Barclays chief executive Jes Staley said last year that there was no reason to shift many British jobs to Europe as a result of Brexit.

Around 5,000 finance jobs will move out of Britain or be created overseas due to Brexit. Paris, Frankfurt and Dublin have emerged as the main beneficiaries of Brexit job moves.

According to Reuters, Barclays is discussing the process of shifting the jobs to Frankfurt with affected staff internally, a source told Reuters, with most of the positions likely to be filled by new hires rather than transfers.