Barclays Bank to create 600 jobs in Scotland

Only days after the Royal Bank of Scotland revealed plans to cut a further 3,500 posts across the UK it has been revealed that Barclays Bank is set to create 600 jobs in Scotland. The company is creating what it hopes will become a centre of excellence in Scotland and this news has been well received after disappointing news from elsewhere in the Scottish financial industry.

However, it has also been revealed that Barclays Bank will receive a grant of up to £6.6 million from Scottish Enterprise which has obviously caused raised eyebrows in some circles. However, in many ways the £6.6 million investment could turn the tide in favour of the Scottish financial industry and attract more giants back up north. The demise of the Bank of Scotland and Royal Bank of Scotland in particular has hit the Scottish financial industry very hard over the years but today's news would seem to show that the Scottish Executive is fighting back.

The financial services industry is very important to Scotland going forward and supports around 95,000 workers directly with many more benefiting indirectly. It also accounts for around 8% of Scottish gross domestic product which is obviously something that the Scottish Executive would like to protect in the future.