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Barclays desires freedom to recruit global candidates

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Barclays wants the freedom to select candidates from across the globe revealed the bank’s chief executive Jes Staley.

Speaking at a summit convened to bring former pro-Remain and pro-Leave business leaders together to work for a constructive Brexit, Staley said that the freedom to recruit the best and the brightest candidates from across the globe is something that is much more important than the rules on where UK companies are allowed to operate.

He also mentioned preserving talent worldwide should be UK government’s top priority in the upcoming negotiations.

The conference could in part be seen as lack of faith in government’s ability to handle the complexity pf the negotiations that are coming next. Lord Hill, former EU commissioner for Financial Services in Brussels said that his former colleagues in Whitehall would be approaching them with a theoretical approach rather than a pragmatic one.

Barclays is planning to move at least 150 jobs to Dublin, which will become a fully fledged European subsidiary. HSBC has already announced plans to move around a 1000 jobs to Paris. Listening to this, a few unlikely allies were acquainted including Lord Hill and Sir Paul Marshall, successful hedge fund manager and also donor to the Leave Campaign. Lord was reported commenting, “When the referendum vote came in, the facts changed. I was struck by how business got on with it and I didn’t feel we had the luxury of endless debates as we have seen in the political world.”

The business lobby was largely in favour of the Remain and super-wealthy hedge funds managers including Sir Paul are card carrying members of the global elite that Theresa May has been severely critical about. While David Davis, Brexit Secretary who also addressed the conference; was appreciative of the display of pragmatism.

It has been commonly assumed that banks give higher priority to their ability to sell their services into the EU from London – also known as ‘passporting’; but the comments received at the meet, vividly displayed the changing in their odds of retaining those rights.

However united they might be, let’s hope that their wishes are heard, considered and positive outputs are created.

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