Barclays Cutting 1,000 Jobs, About 230 Eliminated in Asia
- Bank to exit several Asian countries, keep prime brokerage
- Bonus pool said to be cut by at least 10% at investment bank
Where in the World to Expect Job Cuts at Barclays
Barclays Plc Chief Executive Officer Jes Staley unleashed a fresh round of cuts at the investment bank that will eliminate 1,200 jobs worldwide and shut securities operations across Asia, people with knowledge of the matter said.
The biggest cuts will fall in the Asia-Pacific region including winding up the cash equities business, said the people, who asked not to be identified because the decision isn’t public. While Barclays will exit operations in countries including Australia, Taiwan, South Korea and Malaysia, it plans to keep its prime brokerage and derivatives business in Asia, the people said. The bank is also shutting its Russian office and cutting jobs in London and New York, they said.