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Thread: Barclays vacating Tampines office to cut costs

  1. #1
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    Default Barclays vacating Tampines office to cut costs

    http://www.straitstimes.com/premium/...costs-20140410

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    Barclays vacating Tampines office to cut costs

    Published on Apr 10, 2014

    By Yasmine Yahya


    BARCLAYS is reported to be moving more of its staff out of the suburbs to its office in the central business district.

    The British-based bank will terminate its lease on about 15,500 square feet of space at a building in Tampines and relocate the employees to Marina Bay Financial Centre (MBFC) by July in a bid to cut costs, Bloomberg reported yesterday.

    Barclays declined to comment.

    About 300 people who work in back-office roles will be affected, the report said.

    Earlier this year, Barclays vacated Changi Business Park and moved about 200 employees to its MBFC office in Tower 2.

    That move consolidated many of its technology teams in one location, "creating a greater community and driving a culture of collaboration, mobility and flexibility", the bank had said then.

    "Consolidating our corporate real estate footprint will help us run our businesses with greater efficiency and cost discipline."

    After chief executive Antony Jenkins took over at Britain's second-largest bank in August 2012, he launched a review of its global operations.

    This resulted in a plan to cut £1.7 billion (S$3.5 billion) from its annual expenses by 2015, which included axing about 3,700 jobs worldwide.

    Barclays has about 3,500 staff in Singapore. In January last year, it was reported that it had laid off 70 bankers here and across Asia.

    After the move out of Tampines and Changi, Barclays will have two offices in Singapore - One Raffles Quay and MBFC.

    The bank occupies about 290,000 sq ft at MBFC and 96,000 sq ft at One Raffles Quay.

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  2. #2
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    May 2013
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    7,000,000 sq feet of new CBD office space coming into the market from now til 2018

    typically 100 sq feet office space = 2 office workers
    meaning potentially 140,000 more people are going to work in CBD

    Just imagine how the demand of CBD condos are shooting up in the next few years

  3. #3
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    Jan 2013
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    Come on... How many can really afford to stay near cbd?

  4. #4
    Join Date
    May 2012
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    Default

    There is a similar thread here :

    http://forums.condosingapore.com/showthread.php?t=21070

    Perhaps admin could merge the 2 threads together?

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