Barclays Plc (BARC) is moving out from its two-storied Singapore office space in Tampines to the Marina Bay area, in a bid to cut down on its costs and increase profitability.
According to TIME, the bank’s relocation to Marina Bay will affect about 300 back-end process officials, which many experts believe, to be an intelligent move.
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Barclays had earlier in the year exited Changi Business Park, moving around 200 employees to the downtown office.
The relocation is expected to complete by July, sources revealed.
Barclays chief executive officer Antony Jenkins is going to present a new strategic plan for the company on 8 May 2014, regarding the company’s reshaping to cut costs, boost profit and focus on consumer and corporate banking.
"If you don’t have the size or scale, it’s better to be operating from one building. The decision could be one of scale, of efficiency and of being able to consolidate under one roof despite current rentals being higher at Marina Bay Financial Centre," said Donald Han, managing director of Chesterton Singapore while talking to TIME.
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By GlobalDataThe company also plans to slash 12,000 jobs in the coming months.
The office space in Singapore, after Barclays, has been leased to LinkedIn Corp., a professional networking service provider. The company has been under expansion since its employee base crossed 300-million-member milestone and continues to grow.
