Barclays expects fewer 'very highly paid' employees after revamp

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'That’s in line with the strategy.'

Barclays CEO Antony Jenkins said the U.K. bank will have fewer 'very highly paid' employees after revamping investment banking.

'As we make our investment bank more focused, that means we will ultimately have less very highly paid people within the organization,' Jenkins, 53, said in an interview with Bloomberg Television’s John Dawson in Hong Kong on Thursday. 'That’s in line with the strategy.'

Barclays is 'largely through' cutting an initial 14,000 jobs and that will let the bank invest in businesses including wealth management in Asia, global payment services, and corporate and personal banking in the U.K., Jenkins said. While investment banking will remain a key business, the operation will be smaller and less risky, he said.

Bloomberg also reports that Barclays is now hiring in the Asia-Pacific region to refocus its investment-banking business, according to its co-chief executive officer for the region.

'We have cut jobs,' Asia-Pacific co-CEO Andrew Jones said in the interview on Thursday. 'We are hiring to basically fill out the business, and we adopted a new model which is more country-centric.'

Hit the link below to access the complete Bloomberg News article:

Barclays Sees Fewer Bankers Earning Top Pay on Overhaul

Barclays Hiring in Asia as Global Job Cuts Continue

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