Barclays said to shut equities unit

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.

To access the complete Reuters article hit the link below:

Barclays to shut Indian equities in costs drive - sources

UK economy leans on consumers as manufacturing slips again

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News