British investment bank Barclays has announced its plans to build a new campus in Glasgow, Scotland to support its functions, technology and operations teams.
The new campus to be built at Buchanan Wharf is expected to create up to 2,500 additional jobs to double the existing workforce of the British investment bank in Scotland.
Barclays said that the new campus will be equipped with cutting-edge technology and design to enable it to provide quality services to customers and clients by promoting innovation and collaboration.
It expects the new campus to play a crucial role in executing its long-term strategic priorities apart from being one of a small number of its important global sites.
Barclays chief operating officer Paul Compton said the Glasgow campus along with the other campuses in Whippany, New Jersey, and Pune, India, is part of a global strategy to develop world-class facilities for the functions, technology and operations teams of the British investment bank.
Compton added: “This new campus at Buchanan Wharf is a flagship project for the bank, which builds on Barclays’ long history in Scotland and clearly demonstrates our commitment to supporting the UK economy.
“This is a fantastic opportunity to deepen our close ties with local communities and academic institutions to attract and retain the very best talent.”
Barclays has signed a deal to buy the campus development from Drum Property Group. Currently, the bank is working with the seller to finalize the design of the new facility as part of the broader Buchanan Wharf development.
The British investment bank is supported in the Glasgow project by a funding grant of £12.75m from Scottish Enterprise.
Scottish Enterprise international operations managing director Paul Lewis said: “This investment has the potential to be transformative for Scotland’s financial services sector and the wider economy, and we’re delighted to have helped secure the project for Scotland and for the people of the West of Scotland.
“This investment establishes Glasgow as a key global site for Barclays, providing a platform for growth whilst also securing existing operations in Scotland.
Glasgow is home to Barclays’ Smart Investor, the bank’s online retail trading platform. The Shared Services centre of the British investment bank that facilitates a number of its operational and functional capabilities is also based in Glasgow.
Recently, Barclays UK created a new venture unit called Barclays UK Ventures (BUKV) to develop new business lines and promote innovation.