Reuters - Barclays said to cut investment banking jobs in Asia next week

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Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters.

The news agency reports that the bank's latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region.

In common with other European lenders, Barclays is facing up to a harsh environment for investment banks in Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis.

Reuters also reported on Monday that Barclays will close its Indian equities business as part of the wider pullback in Asia.

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Exclusive: Barclays to cut Asia investment banking jobs next week - sources

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