Barclays to cut Asia investment banking jobs next week -
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[January 05, 2016]
By Anshuman Daga and Lawrence
SINGAPORE/HONG KONG (Reuters) - 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 British 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 reported on Monday that Barclays will close its Indian
equities business as part of the wider pullback in Asia.
"We are constantly monitoring our opportunities in different
geographies and businesses over the cycle. If any firm decisions are
made, we will provide an update," a Hong Kong-based Barclays'
spokeswoman said in an email.
The latest job losses will include staff from countries in which the
bank's business is not a leading player, the sources said, speaking
on condition of anonymity given the sensitivity of the subject.
The closure of the Korean and Taiwan businesses reflect Chief
Executive Jes Staley's desire to trim in countries where the bank's
corporate relationships are weaker to focus on core centers,
including Hong Kong, the sources added.
One source said that Staley had told staff last month that the pace
of restructuring had been too slow and the bank needed further job
The bank has pushed back staff bonus payments to March, two people
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Barclays is not alone in reducing its exposure in the region, with
Asia-focused Standard Chartered announcing a year ago that it would
close the equities franchise it had launched in November 2008 and
rival Societe Generale saying more recently that it would close its
equities research desk in India.
Asia is expected to bear the brunt of cuts under Staley's three-year
cost-reduction plan, which involves shedding 19,000 jobs, or about
14 percent of Barclays' global workforce, as he seeks to improve
Barclays is also weighing up the sale of its Asian private wealth
business, for which Singapore's DBS Group Holdings and Julius Baer
are seen as potential bidders, sources told Reuters last month.
(Additional reporting by Sumeet Chatterjee in MUMBAI and Anjuli
Davies in LONDON, editing by Rachel Armstrong, Louise Heavens and
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