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 top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Share tips of the week – 17 March
Investments

Share tips of the week – 17 March

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
10 Mar 2023
How to make your child a tax-free millionaire by age 37
Investments

How to make your child a tax-free millionaire by age 37

Exclusive research for MoneyWeek reveals how funding an ISA and a pension for your child until age 18 could build up a seven-figure sum by the time th…
14 Mar 2023