Barclays may cut further 20% of investment bank jobs

Barclays is reportedly planning to cut an additional 20% of investment bank staff, with most of the losses expected in the Asia securities division which has operations in markets including Japan, Hong Kong and Singapore, and the global cash equities business. According to the unnamed source, this latest round of cuts would come on top of an existing programme to axe 7,000 jobs at the investment bank during 2016. Chief Executive, Jes Staley, who took over on 1st December, has been tasked with improving profitability at the investment bank which has been hit by rising costs tied to past misconduct and tougher capital requirements. A Barclays spokesperson said the bank is "constantly monitoring our opportunities in different geographies and businesses".

Barclays may cut an additional 20 per cent of investment bank staff, with most of the losses in Asia and the global cash equities business, as chief executive officer Jes Staley seeks to shore up profitability, according to people with knowledge of the decision.

The Asia securities division, with operations in markets including Japan, Hong Kong and Singapore, isn't considered competitive and profitable enough, the unnamed sources said. The cuts, which would come on top of an existing program to axe 7000 jobs at the investment bank during 2016, could be announced early next year, the sources said.

A Barclays spokeswoman said the bank is "constantly monitoring our opportunities in different geographies and businesses." Barclays employed 20,500 people at the securities unit at the end of 2014.

Mr Staley, who took over on December 1, has been tasked with improving profitability at the investment bank, which is lagging the lender's other divisions and has been hurt by rising costs tied to past misconduct and tougher capital requirements. Since joining in April, chairman John McFarlane, 68, has pledged to refocus the business in Britain and the United States and has said the bank is reviewing the contributions of operations in Asia and the Middle East, because "we don't like places that don't make money".

Barclays shares fell 0.3 per cent to 229.6 pence (473 cents) in London on Friday, extending its loss to 5.7 per cent this year.