Barclays Plc has chosen the Irish capital Dublin to serve as its base inside the EU in the event the U.K.'s departure from the bloc leaves banks without simple access to the single market, Bloomberg News reported Jan. 26, citing "people with knowledge of the decision."
Some 150 staff could move to Dublin, according to the report, which said Barclays has held expansion discussions with regulators in Ireland and began scouting for office space in Dublin in January. One source said those moved to Dublin could include senior managers, currency traders and derivatives specialists, although no timescale has been set for that process to begin.
The lender expects its initial contingency planning to cost about £15 million, which includes fees for lawyers and real estate agents, according to the people. Barclays already has an existing unit in Ireland, which employs about 100 people, the report noted.
The bank in a statement reiterated that it will prepare for a "range of Brexit contingencies, including building greater capacity into our existing operations in Dublin." Scouting for available office space in the city is a part of that plan, it added.
Credit Suisse Group AG is also weighing up plans to expand in Dublin, "people familiar with that bank's plans" said. Back-office jobs in particular could be shifted, one source said, adding that Frankfurt is among other cities also under consideration.