Barclays leaving Changi to cut costs

20140207-st-barclays-leaving-changi-cut-costs BRITISH bank Barclays is emptying its offices at Changi Business Park and moving all its staff to its Marina Bay Financial Centre (MBFC) premises to cut costs.

According to a Bloomberg report citing two people with direct knowledge of the move, about 200 staff will be relocated.

"After an extensive review of our Singapore corporate real estate footprint, Barclays has decided to exit the Eightrium at Changi Business Park," Barclays said in an e-mail statement yesterday. It did not say, however, when the move will take effect.

The move will consolidate many technology teams in one location at MBFC, where Barclays has premises at Tower 2, "creating a greater community and driving a culture of collaboration, mobility and flexibility", it said.

"Consolidating our corporate real estate footprint will help us run our businesses with greater efficiency and cost discipline."

After chief executive Antony Jenkins took over at Britain's second-largest bank in August 2012, he launched a review of its global operations. This resulted in a plan to cut £1.7 billion (S$3.5 billion) from its annual expenses by 2015, which included axing about 3,700 jobs worldwide.

Bloomberg has also reported that the bank is cutting commodities jobs in London and New York, and eight managing directors from Asia are departing.

Barclays has about 3,500 staff in Singapore. In January last year, it was reported that the bank had let go 70 bankers here and across Asia.

After the move out of Changi, Barclays will have three offices in Singapore. Two, at One Raffles Quay and MBFC, are in the central business district, and the third is in Tampines.

The bank occupies about 290,000 sq ft at MBFC, and 96,000 sq ft at One Raffles Quay.

Source: Straits Times, 7 Feb 2014