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Barclays saves £35m from Canary Wharf sub-let to government

Reuters - UK Focus

By Steve Slater

LONDON, Dec (Shanghai: 600875.SS - news) 6 (IFR) - Barclays (LSE: BARC.L - news) is sub-letting one of its offices in London's Canary Wharf financial district to the UK government to save £35m a year, part of its plan to cut costs and improve profitability.

The bank said on Tuesday it has assigned its lease for its office at 10 South Colonnade to the UK Cabinet Office. The Cabinet Office said it will move about 5,700 staff into the 540,000 square-foot site, which will serve as a new government hub at Canary Wharf as it transfers staff from offices in Whitehall.

Barclays has about 3,300 staff in the office, mainly back office teams for the investment bank and other support staff, including in technology and finance.

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They will move to Barclays' two other Canary Wharf sites - its main headquarters at 1 Churchill Place and its building on 5 North Colonnade, where its investment bank is based.

Barclays said the move will be completed by the end of 2017 and will result in an annual cost saving of £35m.

The building is owned by Canary Wharf Group. The lease runs until 2032.

Barclays CEO Jes Staley has said he aims to save costs from reducing the bank's real estate footprint in the UK and overseas. The bank took a £150m charge in its third quarter related to real estate, which it said would save it money in the future. (Reporting by Steve Slater; Editing by Ian Edmondson)