21st Jan 2016 14:35
LONDON (Alliance News) - Barclays PLC on Thursday said it expects to report "broadly flat" investment bank income for 2015, with the division set to prioritise its activities in the UK and the US.
The group said it wants to close offices in nine countries across Asia, the Americas, Europe, the Middle East & Africa. In Asia, Barclays will continue to work with those clients with "cross-border requirements" from offices in China, Hong Kong SAR, Singapore, Japan and India.
Jes Staley, the former JP Morgan Chase & Co banker who officially became group chief executive in December, had set out his intention to shift the investment banking division to a less capital intensive model.
"With these actions, we are accelerating the investment bank strategy outlined in 2014, focusing on its core strengths and running the business for returns. We continue to build on the business's dual home markets in the UK and US and remain committed to a strong presence in Asia and EMEA, consistent with operating a leading global investment bank within the Barclays Group," Staley said in a statement.
Barclays will report earnings for 2015 on March 1.
Shares in Barclays were up 1.4% at 184.55 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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