Barclays starts new round of investment banking job cuts

The shape of things to come ?

Barclays CEO Jes Staley has started a fresh round of cuts at the investment bank, with plans to eliminate more than 1,000 jobs worldwide and exit several Asian countries, people with knowledge of the matter said.

Bloomberg News reports that the bank plans to cut about 230 jobs in the Asia-Pacific region, including winding up its cash equities business there, one of the people said, asking not to be identified because the decision isn’t public.

It will exit operations in countries including Australia, Taiwan, South Korea and Malaysia and plans to maintain offices in Hong Kong, China, Japan, Singapore and India, and keep its prime brokerage and derivatives business in Asia, the person said.

ITV reports that Barclays is closing investment banking units in Russia, as well as in Asian countries such as Indonesia and Thailand, as part of some of the deepest cuts by any bank in recent times.

The Wall Street Journal reports that the bank is closing its cash equity research, sales and trading and its convertible bond trading businesses in Asia.

Bloomberg has also reported that the investment banking bonus pool is thought likely to be 10% down on last year.

Barclays Cutting 1,000 Jobs, About 230 Eliminated in Asia

Barclays to cut investment banking operations: memo

Barclays to close some Asian operations, cut 250 jobs


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