Barclays is on track to make money from its cash-equity broking unit in the Asia-Pacific region by 2016, seven years after it started the business.
Bloomberg News reports that recent cost cuts should allow the bank by assets to turn a profit in Asian cash equities by the end of next year, said Vikesh Kotecha, the firm’s Asia-Pacific head of equities trading.
Kotecha said Barclays has also refocused on its most profitable clients in a business that includes electronic and portfolio trading, exchange-traded funds and research.
Kotecha said he expects the unit’s turnaround to help boost return on equity in the broader Asian equities business from the current single-digit number to a level approaching the group target of 12% in 2016 set by Chief Executive Officer Antony Jenkins.
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