Barclays is taking direct ownership of its French, German, and Spanish branches away from its UK company and putting them under control of Barclays Bank Ireland, Reuters reported on Monday. The move by the UK-based international bank to expand its Irish entity, which it announced last year would become its post-Brexit European headquarters, is part of its contingency plans for ensuring the smooth continuation of its European operations after Brexit.
Barclays plans to ultimately move all of its European branches under the aegis of the Irish bank. These include corporate and investment banking businesses in Luxembourg, Switzerland, Portugal, Italy, and the Netherlands, according to Reuters. After absorbing these businesses, Barclays Bank Ireland will have total assets of around £224 billion (250 billion euros, or $286 billion), which the Irish Times reports would make it the largest bank in Ireland.
These entities will ultimately remain under the ownership of Barclays’ holding company in London, but will be directly owned by the Irish bank. This is meant to ensure that even in the event of a “no-deal” Brexit, in which the UK crashes out of the European Union with no special trade arrangements, Barclays will be able to continue serving EU customers without disruption as its businesses will still be based in a member state.
It is not clear what impact these moves will have in terms of jobs, though the Irish Times notes that the bank had already outlined plans to add up to 200 new employees in Ireland; overall, Brexit-related reorganizations at banks are expected to result in tens of thousands of jobs disappearing from the City of London.
The jobs search costs for new graduates can be enormous, and not everyone who wants to work in a major city can afford to travel there for job interviews. In the UK, where socioeconomic diversity is becoming an ever-greater focal point of companies’ diversity and inclusion practices, Barclays’s is doing something to help candidates manage that cost. People Management’s Emily Burt has the details on their initiative, which is meant to improve economic diversity by helping graduates who can’t afford to stay in cities while interviewing:
The month-long ‘Barclays Graduate Rooms’ scheme will allow graduates to apply on a first-come, first-served basis for two nights of free accommodation in studio apartments close to their interview locations, regardless of whether their interview is with Barclays or another organisation.
“We hope that by offering free accommodation in some of the most popular cities for graduate jobs, we’ll go some way to helping those who would otherwise struggle,” said Sue Hayes, managing director of personal banking at Barclays.
Barclays here is acknowledging how much of a barrier to entry these costs can be to candidates from outside major urban areas and less affluent backgrounds:
The British multinational financial firm Barclays is using tracking devices at its London headquarters to monitor how much time employees spend at their desks, Bloomberg reported on Friday. The OccupEye devices, made by the UK company Cad-Capture, are designed to let companies analyze traffic patterns in the workplace as a way to identify underused space and figure out how to reduce their overall office footprint:
There was a “phased roll-out” of the devices, and Barclays staff and the Unite union were notified before they were installed, although the bank did not send out a specific memo about them, according to spokesman Tom Hoskin. The Barclays employees said they don’t remember being informed about the boxes, but spokespeople for the bank said there have been no official human-resources complaints. …
“The sensors aren’t monitoring people or their productivity; they are assessing office space usage,” the bank said in an emailed statement. “This sort of analysis helps us to reduce costs, for example, managing energy consumption, or identifying opportunities to further adopt flexible work environments.”
As remote and flexible work options become available, “hot desking,” which eschews assigned desks and allows companies to operate with fewer than one workstation per employee, is becoming increasingly popular among London banks and other companies operating in high-cost areas as a way to save money by reducing the size of their offices. Some proponents of hot desks say they enable greater collaboration, but critics counter that they limit employees’ autonomy and control over their space, while making it more difficult to form workplace relationships because the people they sit next to change from day to day.
The American division of Barclays announced a new policy on Wednesday that grants “non-primary caregivers” substantially more parental leave and gives primary caregivers more flexibility in when they are allowed to take theirs. Non-primary caregivers (which among opposite-sex couples usually means fathers) are now entitled to six weeks’ paid leave “following their child’s birth, adoption or foster care placement,” compared to just one week before. Primary caregivers are still allowed 16 weeks’ leave, but now have the option of taking it in two segments rather than one big chunk, within the first year. Secondary caregivers are also allowed to take their leave in two parts.
The new policy also expands benefits for employees who are called to active duty military service, who will now receive “100 percent of their Barclays pay, less any military pay offset, for up to five years while under an approved Military Leave.”