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

Tech stock crash – dotcom bust 2.0 is upon us
Tech stocks

Tech stock crash – dotcom bust 2.0 is upon us

It’s carnage in the tech sector as the market crashes. But that spells opportunity for canny investors, says Matthew Lynn
19 May 2022
Three things you should learn from Bill Ackman's brilliant Netflix trade
Investment strategy

Three things you should learn from Bill Ackman's brilliant Netflix trade

Hedge fund guru Bill Ackman has lost $400m selling Netflix shares. John Stepek explains why this was a brilliant trade, and outlines three things that…
19 May 2022
Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022