Close Menu
BlogSpotTipsBlogSpotTips
  • Home
  • Education
  • Finance
  • Latest Internet News
    • Social Media
    • Software
  • Game
  • Contact Us !
Facebook X (Twitter) Instagram
BlogSpotTipsBlogSpotTips
  • Home
  • Education
  • Finance
  • Latest Internet News
    • Social Media
    • Software
  • Game
  • Contact Us !
Facebook X (Twitter) Instagram
BlogSpotTipsBlogSpotTips
Home»Finance»Barclays’ axe set to fall on 1,000 more jobs in investment bank
Finance

Barclays’ axe set to fall on 1,000 more jobs in investment bank

DeepBy DeepFebruary 12, 2016No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Jes Staley, Barclays’ chief executive

The cuts, which could be announced as early as Thursday, will be presented as an extension of the strategy announced by the previous chief executive, Antony Jenkins, in 2014, when he promised to cut 7,000 jobs in the investment bank over three years.

Barclays plans to exit investment banking operations across much of Asia, continental Europe and Latin America as it focuses on its core US and UK markets, according to people familiar with the matter. The bank declined to comment.

The move mirrors cutbacks at several European rivals, such asDeutsche Bank and Royal Bank of Scotland, and reflects tough market conditions for all investment banks as they grapple with stiffer regulations and a decline in fixed income trading.

Mr Staley, who joined Barclays at the start of December, is expected to outline his broader strategy when the bank reports annual results on March 1. He is reviewing whether to keep the lender’s large African operations.

Barclays is this week expected to announce a retreat from large parts of its Asian operations, including the likely closure of its cash equities desk and other trading operations in India, Taiwan and South Korea, said people familiar with the matter.

‹
  • Traders work on the floor of the New York Stock Exchange

    Why the wild market reversal
  • Storm hurricane

    Big banks find a perfect storm in 2016
  • Jack Bogle

    Investing legend Jack Bogle: ‘Stay thecourse’
›

The bank is likely to keep some trading operations in Japan, Hong Kong and Singapore, which are considered necessary to service its large institutional and corporate clients based in the US and UK.

Some investors and politicians interpreted the veteran American financier’s arrival as a sign that Barclays was preparing a bullish strategic shift to rebuild its investment bank after several years of trimming it back.

However, before taking charge the 59-year-old backed the plan that was already being drawn up to refocus Barclays’ trading operations on its core US and UK markets. He aims to cut about 10-20 per cent of costs in the investment bank, including shutting much of its operations in places such as Italy, Russia, Brazil, Mexico, Italy and Spain.

Mr Jenkins, who was fired after three years as chief executive in July, took two shots at restructuring the investment bank, promising to cut a quarter of the unit’s 28,000 jobs and shrink its share of group capital from half to a third.

The latest job losses are expected to be on top of the 7,000 announced in 2014. Barclays investment bank had 20,500 staff at the end of 2014.

John McFarlane, chairman of Barclays, gave a strong hint that more reductions were being planned last year when he said: “We don’t want to be a 100-country investment bank,” adding that the lender’s Asian operation “is not performing and we don’t like things that actually don’t make money”.
[“source-gsmarena”]

& more 000 1 axe bank Barclays’ fall In investment jobs on set to
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Deep

Related Posts

Using AI-powered Enterprise Interfaces to Optimize Operational Efficiency

May 20, 2025

Strategies for Greater Financial Flexibility: 5 Smart Ways to Repay Your Home Loan Faster

May 6, 2025

The Exchange: John Rogers on overcoming pessimism with patience

March 5, 2025
Recent Post
  • Social Media and Relationships
  • Online Counselling for Individuals and Couples
  • The Best Time to Post on Threads in 2025 — Data from 700K+ Posts
  • Using AI-powered Enterprise Interfaces to Optimize Operational Efficiency
  • How to Grow Your Brand with Micro Influencer Marketing
  • What Are the 8 Different Types of Video Game Articles?
  • Strategies for Greater Financial Flexibility: 5 Smart Ways to Repay Your Home Loan Faster
  • PS5 Pro vs the PS5 – What’s the difference, really?
Search
  • Home
  • Privacy Policy
  • Contact Us !
© 2025 BlogSpotTips. Designed by BlogSpotTips.

Type above and press Enter to search. Press Esc to cancel.