Barclays said likely to shut most cash equities in Asia Pacific region

Jes Staley Interview Pic

Barclays plans to shut most of its cash-equities business in the Asia-Pacific region as Chief Executive Officer Jes Staley pushes to reduce costs, according to people with knowledge of the matter.

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.

To access the complete Bloomberg News article hit the link below:

Barclays Plans to Close Most of Its Asia Cash Equities Unit

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