Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/investments/property/601606/house-prices-crash-uk-property-prices-falling-where-next
Property

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020
Visit/economy/inflation/601584/the-end-of-the-bond-bull-market-and-the-return-of-inflation
Inflation

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020
Visit/investments/stockmarkets/601611/nasdaq-all-time-high-markets-and-the-real-economy
Stockmarkets

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020