Barclays cuts hundreds of jobs in Asia, exits South Korea, Taiwan

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Barclays ATMBritish bank Barclays is closing its investment banking units in Asian countries, namely Indonesia, Malaysia and Thailand, as well as in Australia and Russia, and will leave South Korea and Taiwan entirely as part of a review of global operations, the bank said in an internal memo to staff on January 21. It will also cut jobs in Singapore, and about 80 positions in Tokyo were already let go on the morning of the same day.

Altogether, 230 jobs will be lost in Asia following a decision to slash 1,000 jobs within Barclays’ global operations.

Bloomberg News reported earlier that Barclays is closing its cash equity research, sales and trading as well as its convertible bond-trading businesses across Asia but plans to maintain its offices in Singapore, Hong Kong, China, Japan and India, and keep its prime brokerage and derivatives business in Asia.

Barclays’ intent to reduce business in Asia was already anticipated. Its chairman John McFarlane had said “we don’t want to be a 100-country investment bank” and the bank’s Asian operations were “not going well” and “we don’t like things that actually don’t make money.”

Barclay’s is just the latest European bank to withdraw from Asian markets. One year ago, Standard Chartered also announced its exit from the Asian equities business, and HSBC closed down its retail business in Thailand, South Korea and Japan and its insurance business in Vietnam already in 2012.

 

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Reading Time: 1 minute

British bank Barclays is closing its investment banking units in Asian countries, namely Indonesia, Malaysia and Thailand, as well as in Australia and Russia, and will leave South Korea and Taiwan entirely as part of a review of global operations, the bank said in an internal memo to staff on January 21. It will also cut jobs in Singapore, and about 80 positions in Tokyo were already let go on the morning of the same day.

Reading Time: 1 minute

Barclays ATMBritish bank Barclays is closing its investment banking units in Asian countries, namely Indonesia, Malaysia and Thailand, as well as in Australia and Russia, and will leave South Korea and Taiwan entirely as part of a review of global operations, the bank said in an internal memo to staff on January 21. It will also cut jobs in Singapore, and about 80 positions in Tokyo were already let go on the morning of the same day.

Altogether, 230 jobs will be lost in Asia following a decision to slash 1,000 jobs within Barclays’ global operations.

Bloomberg News reported earlier that Barclays is closing its cash equity research, sales and trading as well as its convertible bond-trading businesses across Asia but plans to maintain its offices in Singapore, Hong Kong, China, Japan and India, and keep its prime brokerage and derivatives business in Asia.

Barclays’ intent to reduce business in Asia was already anticipated. Its chairman John McFarlane had said “we don’t want to be a 100-country investment bank” and the bank’s Asian operations were “not going well” and “we don’t like things that actually don’t make money.”

Barclay’s is just the latest European bank to withdraw from Asian markets. One year ago, Standard Chartered also announced its exit from the Asian equities business, and HSBC closed down its retail business in Thailand, South Korea and Japan and its insurance business in Vietnam already in 2012.

 

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