Barclays plans to relocate European base from Dublin to Paris

Barclays has said it has initiated plans to relocate its European headquarters from Dublin to Paris.

The banking giant said it was “confident this is the right step forward” in its efforts to be strategically closer to growing markets.

The move from the Irish to the French capital is not likely to complete until the first half of 2027, and is subject to approval by regulators.

It is understood to be expected to have a minimal impact on staff in Ireland.

Barclays shifted billions of pounds worth of assets to Dublin and increased the size of its workforce in the city in the wake of Brexit.

But it first raised the possibility in 2023 of it relocating the European base to Paris which has blossomed into a trading hub for the bank.

The shift is expected to bring the bulk of its decision-making closer to the majority of its investment banking activity on the continent.

Francesco Ceccato, the chief executive of Barclays Europe, described the move as a “strategic milestone” that will help it better meet the needs of its clients.

“After extensive discussions at all levels of the organisation, we are confident this is the right step forward – both for the entity and for our clients,” he said.

“We are very excited about the opportunities ahead.”

The bank said it holds onto growth ambitions for its corporate and private banking businesses and staff in Dublin.