Barclays is cutting nearly 1,000 investment banking jobs

Barclays cutting investment banking jobs

Barclays has announced plans to cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia.

The move comes at a time when new Chief Executive Jes Staley attempts to reduce costs and boost returns.

The banks move follows the lead of other European lenders seeking to cut costs in a tough global environment for banks.

Barclays will shut its investment banking businesses in various countries including Australia, Indonesia, Malaysia, Philippines, South Korea, Taiwan and Thailand. Those markets will then be covered by financial hubs in other cities.

An internal memo circulated to employees has not revealed how many jobs will be affected. Although most of the fired employees are expected to be housed in Asia. That region is prone to increased competition from local banks and trading volume that has fallen in recent years.

The 1,000 jobs in this round of layoffs are on top of the 19,000 positions Staley recently announced would be cut over the next three years.

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Barclays investment bank employs approximately 20,500 people, while its overall operations is responsible for 132,300 jobs worldwide.

Officials at the bank are not currently commenting on this new round of cuts in its investment banking division.