Barclays Rethinks Real Estate Push in India

Barclays Plc is looking to reduce its real estate expenses in the India as the shift to remote working adds fuel to its cost-cutting ambitions. The bank could announce changes early next year on the extent and timing of any measu

BY Realty Plus
Published - Tuesday, 15 Dec, 2020

Barclays Rethinks Real Estate Push in India

Barclays Plc is looking to reduce its real estate expenses in the India as the shift to remote working adds fuel to its cost-cutting ambitions. The bank could announce changes early next year on the extent and timing of any measures on reducing branches in the USA, U.K. and India. The bank has major operations in New Jersey, as well as several cities across Britain and India. Barclays’ headquarters are in a 32-storey skyscraper in Canary Wharf. In New York, the bank is weighing moving its traders and investment bankers to Hudson Yards from Times Square. Barclay’s global service centres in India provide the critical technology solutions and services to Barclays across the globe. With teams operating out of sites in Pune, Mumbai, Chennai and Noida, Chief Executive Officer Jes Staley said on an earnings call in October that the bank was assessing actions to reduce structural costs, with the details to be determined. It’s important to eventually return to office life, rowing back on comments he made early in the Covid-19 outbreak that headquarters built for thousands of staff might become a thing of the past.