Barclays is planning to slash more than 1000 jobs across its investment bank globally as well as shut down its cash equities business in Asia, in a bid to slash costs and increase returns.
The UK bank will close its cash equity research, sales and trading as well as convertible bond trading businesses across all Asian countries, which will result in at least 230 job losses.
According to media reports, Barclays will close its investment banking businesses in countries including Australia, Indonesia, Malaysia, Philippines, South Korea, Taiwan and Thailand.
The bank will continue to operate its offices in Singapore, Hong Kong, China, Japan and India as well as retain its prime brokerage, bonds, currencies, commodities trading, investment-banking advisory businesses and equity derivatives business in Asia.
The reports added that the bank will focus on investment banking in China, India, Singapore, Hong Kong and Japan.
