2016-01-21reuters.com

`Barclays will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia as new Chief Executive Jes Staley wields the axe in a bid to reduce costs and boost returns.

The harsher-than-expected cuts are among the most sweeping by an investment bank in recent years and follow similar moves by other European lenders seeking to cut costs in a tough global environment for banks.

Barclays will shut its investment banking businesses in countries including Australia, Indonesia, Malaysia, Philippines, South Korea, Taiwan and Thailand, an internal memo seen by Reuters showed, with those markets to be covered from financial hub cities in their respective regions.

...

The axe will also fall across central and eastern Europe, and South America, with offices closing and activity routed back through the lender's home base in London.

...

The reduction in jobs is also in response to the current turmoil in global equities and commodities markets, which is making it harder for investment banks to make money in traditional business lines. The MSCI all-world country index .MIWD00000PUS is trading at its lowest since June 2013.



Comments: Be the first to add a comment

add a comment | go to forum thread