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Loan protection: Barclays set to profit from new Scottish recruitment drive

Barclays could receive over £6.5 million from government body Scottish Enterprise following its decision to create 600 jobs in Glasgow.

The state-backed organisation, which encourages investment in Scottish businesses, will pay Barclays £1.1 million for every 100 jobs it offers in the country.

With Barclays set to recruit 600 staff to work in its new Glasgow service centre, the bank could make a large profit from its investment in the area.

"This Government recognises the major contribution the financial services industry makes to Scotland's economy," said Alex Salmond, Scotland's First Minister.

"We are determined to continue to support the industry in maintaining its strengths."

The new jobs come at a time when many banks are in the midst of cutting staff from their books.

Last week, the Royal Bank of Scotland announced that it would cut 3,500 jobs across the UK, while Barclays also recently confirmed 400 back-office staff would lost their jobs.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his beltADNFCR-2776-ID-800059442-ADNFCR

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