January 21, 2016 – Troubled British bank Barclays is to make a new round of job cuts, axing more than 1,000 positions across its New York, London and particularly its Asia divisions, reports stated.
Barclays is closing its banking units in Australia and Russia, as well as Asian countries such as Indonesia and Thailand, as part of a review of global operations, it said in an internal memo to staff today.
The London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa as part of some of the deepest cuts by any bank in recent times. Sources reported the bank’s retreat from South Korea and Taiwan on Jan. 5.
The memo also showed that Barclays is exploring exiting its precious metals business globally.
Barclays is one of several banks implementing job cuts in a tough environment for investment banks, as slowing global growth and stricter capital rules affect lenders.
Barclays chief executive James Staley announced the selling of the lender’s Italian retail branch division in “re-shaping of Barclays group to focus on our core businesses”.
A spokesman for Barclays declined to comment.