Bloomberg News reports that the near-exit from cash equities is part of plans to eliminate about 50% of jobs at the wider equities unit in the region, said the people, who asked not to be named because no announcement has been made. They declined to specify how many employees are affected. The bank is also considering whether to cut about 30 jobs in the investment-banking team in the region, one of the people said. A spokesman declined to comment.
Staley’s move comes after a slowing Chinese economy sparked a rout in emerging-market currencies and stocks. People familiar with the matter said in December that Barclays planned to cut 20% of staff at its investment bank, with most losses to come in Asia and the global cash equities business. The region’s securities operations aren’t considered profitable enough, the people said at the time.
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