Barclays expands its Irish operations in attempt to soften the effect of Brexit

Barclays bank

Barclays is in talks with Irish regulators to expand operations in Dublin as an attempt to negotiate a plan to keep access to European markets unless a good financial deal is reached during the Brexit talks. Chief Executive Officer Jes Staley and chairman of Barclays Bank Ireland Helen Keelan met on Monday with Irish Prime Minister Leo Varadkar in Dublin.

Barclays remains confident of the deep interconnections between the UK and the European Union, but emphasized as a priority the minimization of the consequences for customers of their break-up.

“In the absence of certainty about the timing and content of the agreement, we intend to take steps to maintain current market access”, says the official statement of Barclays.

More than 12 months after the UK voted to leave the EU, the world’s largest lenders began redirecting London-based offices to inside the Union, fearing the consequences of Brexit.

Barclays refused to comment on how many of its employees are going to redirect to their operations in Dublin, noting that it is still in talks with Irish regulators about the possibility of using the Dublin branch to continue operating on European markets.

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