Barclays CEO says firm can still compete despite job cuts

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Barclays still has “critical mass” to compete in the Middle East and will aim to help local companies raise capital even as it scales back lending, CEO Jes Staley said.

Bloomberg News reports that the bank has more than 200 employees in the United Arab Emirates after job cuts in the country this year and will continue to operate its corporate, investment banking and wealth management businesses in the region, Staley, 59, said in an interview in Dubai last week. Barclays’s U.A.E. business is “very profitable,” Staley said, without elaborating on the profitability.

Staley is joining other banking chiefs in trying to prove that a global bank doesn’t need expansive operations in every country where it wants to earn fees. Barclays has exited seven countries in Asia as part of a restructuring, and Staley said the bank will use its presence in the U.A.E. to bring international investors and companies there and to nearby nations such as Qatar.

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

Barclays Can Still Compete in Gulf After Job Cuts, CEO Says

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