Hong Kong – Barclays has embarked on a fresh round of job cuts to its investment banking business worldwide which would result in a complete exit from cash equities in Asia, an internal memo showed, as new Chief Executive Jes Staley wields the axe in a bid to slash costs and boost returns. The harsher-than-expected cuts are among the most sweeping worldwide culls by an investment bank in recent years, as Staley in common with peers at other European lenders moves to reduce costs amid a tough global environment for banks. Barclays will shutter its investment banking businesses in countries including Australia, Indonesia, Malaysia, Philippines, Russia, South Korea, Taiwan and Thailand, the memo said, with those markets to be covered from financial hub cities in their respective regions. A spokesman for Barclays in Hong Kong declined to comment on the cuts because they are not public. With 10 of Europe’s [...]
