Barclays said to relocate office to cut costs

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Barclays is moving its employees from an eastern Singapore suburb to its offices in the city’s central business district to cut costs.

Bloomberg reports that Barclays will exit Changi Business Park and move its staff to the space it already occupies at Marina Bay Financial Centre in the city’s downtown, the bank said in an e-mailed statement. About 200 people will be relocated, according to two people with direct knowledge of the move, declining to be identified because the information isn’t public.

'Consolidating our corporate real estate footprint will help us run our businesses with greater efficiency and cost discipline,' Barclays said in the e-mail, declining to elaborate on the number of people affected by the move. The employee relocation in Singapore 'consolidates many technology teams in one location.'

Barclays CEO Antony Jenkins, who took office in August 2012, said a year ago that he’s seeking to remove $2.8bn of annual expenses by 2015, eliminating 3,700 positions. The bank is cutting commodities jobs from London and New York, while eight managing directors from Asia are departing, people familiar with the matter said last month.

To access the complete Bloomberg article hit the link below:

Barclays Moves Singapore Suburban Office Staff to Downtown Space

Hedge Funds Rework Currency Positions in Market Drop

image: © Dick Johnson

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