Barclays cuts at least 70 jobs in Asian investment banking, reports say

Barclays is slashing at least 70 jobs in Asian investment banking as the company undergoes a major shake-up, according to reports Thursday.

Barclays is slashing at least 70 jobs in Asian investment banking as the company undergoes a major shake-up, according to reports Thursday.

The cuts are part of a global strategic review started by new Chief Executive Antony Jenkins, sources told Reuters.

It was understood total redundancies could reach up 90 people but the figure was yet to be confirmed.

The news comes after Goldman Sachs analysts said the bank could reduce 15% of investment banking staff worldwide. It would amount to about 3,500 out of 23,300 employees.

In a separate report last month, the bank was said to be axing 2,000 jobs in its investment bank in early 2013 as part of a broad restructuring of the company.

Barclays declined to comment on the reports.

A number of Asia investment bankers were hired after the 2008 financial crisis, aimed at forming an elite banking and equities business.

The Asian operation was, however, hit by delays and competition from local firms.

Barclays has come under fire in recent months after it was fined for interest rate-rigging. Jenkins took over in August from Bob Diamond who stepped down following the scandal.

Jenkins has been working to repair the bank's image and restructure the business. He is due to unveil his 'Project Transform' review on February 12th.

Last week he was said to have issued a memo to employees outlining the bank's new ethical code of conduct.

The core values were to be used to access the performance of employees, he said according to reports. He advised staff who did not support the move to find another job.

The report was followed by news this week that a Barclays executive quit amid claims he destroyed an explosive document which labelled the bank 'out of control'.

Andrew Tinney, Chief Operating Officer of the bank's private investment division, Barclays Wealth, was accused of shredding the document at his home in Surrey.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021