21st Jan 2016 06:44
LONDON (Alliance News) - Barclays PLC will shut its cash equities businesses in Asia and will completely exit two markets in the region, The Wall Street Journal reported, citing a memo sent to clients and people familiar with the matter.
The bank will close down its cash equity research, sales and trading units and its convertible bond trading arm in Asia, the letter said, and will exit Taiwan and South Korea.
At least 250 jobs will go in the region as a result of the changes.
http://www.wsj.com/articles/barclays-to-close-several-businesses-in-asia-cut-250-jobs-1453347273
The cuts in Asia and exit from investment banking in Taiwan and South Korea were first reported by Reuters at the beginning of January, citing the loss of at least 50 jobs.
The memo also partially confirms an earlier report by the Financial Times that Barclays is set to announce around 1,000 further job cuts in its investment bank in Europe, Asia and Latin America.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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