Barclays is to close its Indian equities business as part of efforts to cut costs and boost profit, two sources with direct knowledge of the plan said on Monday.
Reuters reports that the bank's equities business in India, which was rolled out in 2011, includes research and broking for institutional investors, and employs some two dozen people, the sources told Reuters.
The planned closure is part of CEO Jes Staley's wider plan to cut costs, the sources, who declined to be named, said.
Barclays is midway through a three-year cost-reduction plan, which involves shedding 19,000 jobs, or about 14% of its global workforce. In November, the bank put a freeze on hiring until the start of 2016.
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