Barclays Closes Some Asia Operations, Cuts 1,000 Jobs: Reports
Barclays PLC is set to exit some of its trading and sales operations across Asia, and cut about a 1,000 jobs worldwide — the bank’s most brutal cuts yet — according to media reports. The British bank reportedly informed clients in a memo Thursday morning that it was shutting some divisions, including cash equity research, sales and trading, as well as convertible bond trading across Asia. Barclays plans to reduce about 230 positions in the Asia-Pacific region alone, reports said, citing sources at the company.