Barclays Said to Plan 15% Job Cuts at Asian Investment Bank

Barclays plans to eliminate at least 15% of its investment banking positions in Asia, two people with knowledge of the matter said.

Bloomberg reports that about 70 jobs will be cut across the region, including in Japan, starting this week, the people said, asking not to be identified because they weren’t authorized to speak publicly. Angie Tang, a Hong Kong-based spokeswoman for the bank, declined to comment on the cuts.

Barclays follows Morgan Stanley in trimming jobs in Asia as an economic slowdown pares demand from companies for investment banking services. Barclays Chief Executive Officer Antony Jenkins, 51, who took charge in August after the firm was fined for manipulating Libor, is preparing to announce how he will revamp operations next month.

The cuts in Asia reflect the lower revenue being generated from traditional banking businesses including stock and bond underwriting and takeover advisory, one of the people said. Barclays doesn’t plan to exit any markets or product areas in the region, the person said.

Morgan Stanley is trimming about 55 to 60 investment banking jobs in the Asia-Pacific region excluding Japan, two people with knowledge of the matter said last week.

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Barclays Said to Plan 15% Job Cuts at Asian Investment Bank

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