Barclays group expands in some areas, layoffs in another

Barclays Sign

Some in, some out.

Barclays’ South African unit said its investment bank plans to extend brokerage, equity trading and other services into the rest of the continent as part of a two-year plan to boost profit.

Bloomberg News reports that Stephen van Coller, head of Absa Capital, the Johannesburg-based investment bank of Barclays Africa Group, said: 'We’re in the top 10 in Africa, we’ve got to get to the top five. Trading and investment banking very much has an African focus now'.

Absa Capital is bidding to win corporate clients and market share in Africa.

Bloomberg also reports that Barclays cut commodities jobs in London and New York as part of reductions in fixed income, currencies and commodities, according to two people familiar with the matter.

Bharath Manium, a managing director in commodities structuring, Paul Jackman, a managing director in the commodities index business, Jonathan Spall, product manager for metals in London, and Sudakshina Unnikrishnan, an analyst in London, are leaving, according to the people who asked not to be identified because the move hasn’t been made public.

Patrick Barouki, head of power and gas trading in London, Philippe Comer, managing director and head of commodity structuring for the Americas in New York, and Sha Luo, an analyst in London, also left, one of the people said. 

Barclays Targets Africa Investment-Bank Expansion Amid Job Cuts

Barclays Said to Cut Jobs in Commodities From London to New York

image: © Dick Johnson

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