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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Which investment trusts could benefit from lower interest rates?As vehicles for long-term investments, many investment trusts were hit when interest rates rose in 2022. With interest rates expected to fall by the end of the year, could now be the time to invest in one of these unloved sectors?
-
How to protect your personal and financial data from cyber attacksM&S and the Co-op are the latest retailers to suffer from cyber hacks but consumers also need to be vigilant
