Barclays Bank is to axe 250 jobs at Barclays Property Holdings next year as part of its plans to outsource the bulk of its property operations.
The restructuring will reabsorb a core staff of about 220 as a division of the bank. Facilities management, capital projects, and property services – including detailed general practice surveying – will all be put out to external suppliers. Barclays Property Holdings looks after the £1bn of real estate currently owned by the bank.
Of the 250 staff to be shed, some are expected to go to the new supplier, and Barclays is looking to employ people elsewhere within the group, but there will also be redundancies.
An in-house team headed by John Cotton, the existing MD of BPH, will work with other Barclays’ businesses to define their requirements.
It will be responsible for managing contracts and driving acquisitions and disposals.
However, the professional services for these are to be provided externally.
Barclays Property Holdings was set up as a separate subsidiary of the bank seven years ago, and initially employed around 1,500 staff.
- BZW Property Investment Management is to change its name to Barclays Property Investment following the disposal of part of BZW and the renaming of the remainder as Barclays Capital Group.
