RESHORING CASE

Barclays

Company details
Code: 
Barclays
Company name: 
Barclays Bank
Company country: 
United Kingdom
Number of employees: 
129400
Sector: 
K - Financial and insurance activities
Sector detail: 
K64 - Financial service activities, except insurance and pension funding
Sub-sectors: 
K64.1.9 - Other monetary intermediation
Reshoring details
Reshoring announcement date: 
21/04/2016
Starting implementation date: 
April, 2016
End of Implementation : 
December, 2016
Reshored to: 
United Kingdom
Reshored business function: 
Customer services
Partial or Total reshoring: 
Total
Reshoring governance mode: 
In house (in own facilities)
Reasons for reshoring: 
Economic crisis
Firm's global reorganization
Unattractiveness of the offshore market
Case narrative: 

Barclays has confirmed that it is looking to reduce its presence in several countries. After closing British expatriates' bank accounts where worth less than £100,000 in Malta, Greece and Cyprus, in 2015, Barclays is proceeding with further reductions in its presence overseas. It is planning to shut down its Cypriot offices while services to Cyprus-based customers will continue to be provided from its UK-based offices. The bank plans to close both its offices in Limassol and Nicosia, noting that “the majority of Barclays’ clients in Cyprus have bank accounts based in London and will continue to receive banking services from London.”

Sources: 

Sigmalive, 21/04/2016

Offshoring details
Offshoring date: 
1930
Offshoring location: 
Cyprus
Offshored business function: 
Customer services
Offshoring governance mode: 
In house (in own facilities)
Offshoring entry mode: 
Wholly owned
Reason for offshoring: 
Proximity to customers