Barclays bank to cut 1,000 jobs: report

21st January 2016, Comments 0 comments

Troubled British bank Barclays is to make a new round of job cuts, axing more than 1,000 positions across its New York, London and particularly its Asia divisions, Bloomberg News reported Wednesday.

Bloomberg said the job cuts could be announced on Thursday and would "particularly affect employees in Asia", citing a person briefed on the matter.

Barclays is one of several banks implementing job cuts in a tough environment for investment banks, as slowing global growth and stricter capital rules affect lenders.

Barclays chief executive James Staley announced the selling of the lender's Italian retail branch division in "re-shaping of Barclays group to focus on our core businesses".

The Financial Times reported that Barclays planned to quit its investment banking operations across much of Asia, and scale back in parts of Europe and Latin America, to focus on its central US and British markets.

A spokesman for Barclays declined to comment.


© 2016 AFP

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