Asia is expected to bear the brunt of the cuts under chief executive Jes Staley’s three-year cost reduction plan; which involves shedding 19,000 jobs, equating to about 14% of Barclays’ global workforce.
According to sources close to Barclays, the latest job losses will involve staff in countries in which the bank is not a leading player.
It was also announced earlier this week that Barclays will close its Indian equities business as part of its wider pullback in Asia.
The bank is also reported to be mulling the sale of its Asian private wealth business, with Singapore’s DBS Group Holdings and Julius Baer viewed as potential bidders.
“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.”
“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 spokeswoman at Barclays said in an e-mail.
