Back to top

Barclays (BCS) to Move Part of Derivatives Sales Jobs to Paris

Read MoreHide Full Article

Barclays (BCS - Free Report) plans to shift some equity and credit derivatives sales jobs to Paris, as it revamps its operations ahead of Brexit. The news was reported by Reuters.

According to sources, the bank has informed its staff in charge of equity and credit derivatives about the relocation of jobs to Paris by the end of this March.

In January, Barclays got court approval to shift assets worth £160 billion from Britain to Dublin. This move is expected to affect around 5000 clients. “As we announced in 2017, Barclays will use our existing licensed EU-based bank subsidiary to continue to serve our clients within the EU beyond March 29, 2019 regardless of the outcome of Brexit,” Barclays noted.

Apart from Barclays, other financial institutions have also started implementing Brexit contingency plans and relocating staff to Paris, Dublin and other financial hubs in the continent.

UBS Group AG (UBS - Free Report) has also received approval from the London court to move assets worth €32 billion from Britain to Germany. Further, Bank of America (BAC - Free Report) has started relocating some jobs to Paris. In addition, HSBC Holdings (HSBC - Free Report) is shifting 1000 jobs from London to Paris, where the bank’s European headquarters will be set up.

Barclays' shares have lost around 23.1% in the past year compared with the 12.6% decline of the industry it belongs to.

Currently, Barclays carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.

Click here for the 6 trades >>




In-Depth Zacks Research for the Tickers Above


Normally $25 each - click below to receive one report FREE:


Bank of America Corporation (BAC) - free report >>

UBS Group AG (UBS) - free report >>

HSBC Holdings plc (HSBC) - free report >>

Barclays PLC (BCS) - free report >>

More from Zacks Analyst Blog

You May Like