The dwindling number of middle and back-office banking jobs in New York City will shrink even further when Barclays transfers 105 operations, technology and other functional positions to its burgeoning new campus in Whippany, New Jersey later this year.
The British lender acknowledged the plans through a recent Worker Adjustment and Retraining Notification (WARN) with the New York State Department of Labor, which mandates that companies with a large footprint in the state notify them before reducing local jobs by a significant number. The notice says that the relocations will begin on November 15 and be completed by the end of the year.
It appears that some current employees will continue on to Whippany – just shy of an hours' drive from New York City – while others likely won’t. The WARN notice says the move will include employee transfers and “separations.” A source close to the bank said the expectation is for the majority of affected employees to remain with the firm. However, those living on the wrong side of New York may be faced with moving or a near-impossible commute if they want to keep their same role.
Barclays opened the 63-acre campus in Whippany last year and has been filling seats in similar fashion. Just last month, the bank acknowledged that 500 tech and operations jobs in Wilmington, Delaware would be relocated to Whippany. “As we have shared with colleagues previously, additional relocations and hiring will continue as the [Whippany] campus transformation progresses,” Barclays told eFinancialCareers in the days leading up to the Delaware news. The bank also moved roughly 100 New York jobs to the new site last fall.
Of course, Barclays is far from the only bank moving back-office jobs out of New York. The number of local tech-related job vacancies has plummeted over the last half-year, despite the overall growth of technology departments at big banks. Cost savings has always been a motivator in relocating jobs outside New York, but the fact that banks don’t have to compete over recruits with big tech companies that are growing their presence in the city certainly doesn’t hurt.
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