Barclays Plc (L: BARC) has announced its plans to cut investment banking jobs in Asia next, including positions in Taiwan and South Korea. The bank’s latest round of job cuts are part of its new global restructuring program.
The cuts will include advisory staff and corporate finance positions in both Taiwan and South Korea. Research staff and equities sales jobs will also be cut throughout the entire Asian region. At least 50 jobs are expected to be lost.
Like other European lenders, Barclays is making moves to mitigate losses in Asia, as the region’s economies continue to experience slow growth following the 2008 global financial crisis. On Monday, the British bank announced that it will be closing its Indian equities business as well.
Jes Staley, chief executive of Barclays, is making an effort to trim back the bank’s presence in countries where its corporate relationships are weaker, allowing the bank to focus on its core centers. Sources close to the matters state that Staley felt the pace of restructuring was too slow, and that the bank needs to cut jobs even further.
Barclays also made the decision to delay staff bonus payments until March.
Berkeley’s is not the only bank that is reducing its exposure in Asia. Standard Chartered (L: STAN) announced that it would be closing its equities franchise in the region, and Societe Generale (PA: SOGN) has also made the decision to close its equities research operation in India.