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Barclays to cut investment bank jobs in Asia

Singapore/Hong Kong – Barclays will announce investment banking job cuts across Asia next week, including closures in South Korea and Taiwan, sources with direct knowledge of the matter told Reuters.

The British bank’s latest cost cuts as part of its global restructuring will include corporate finance and advisory staff in South Korea and Taiwan, as well as equities sales and research staff among a total of at least 50 job losses throughout the region.

In common with other European lenders, Barclays is facing up to a harsh environment for investment banks in Asia after the region’s economies and markets failed to deliver sustained growth after the 2008 financial crisis.

Reuters reported on Monday that Barclays will close its Indian equities business as part of the wider pullback in Asia.

“We are constantly monitoring our opportunities in different geographies and businesses over the cycle. If any firm decisions are made, we will provide an update,” a Hong Kong-based Barclays’ spokeswoman said in an email.