World Economy

Barclays Closing Offices in 8 Countries

Barclays Closing Offices in 8 CountriesBarclays Closing Offices in 8 Countries

Barclays Plc is cutting 1,200 jobs at the investment bank, exiting businesses and closing offices in countries around the world in Chief Executive Officer Jes Staley’s first move to bolster profitability. The following is based on information provided by people with knowledge of the matter and memos seen by Bloomberg.

In Asia-Pacific: Barclays’s cash equity research, sales and trading in the region are being shut down, with the loss of at least 230 jobs. The bank is closing its offices in Australia, Taiwan, South Korea, Indonesia, Malaysia, the Philippines and Thailand.

Regional hubs will be maintained in Hong Kong, China, Japan, Singapore and India, largely to provide banking services, such as debt financing and M&A advice, to large clients with connections to the US and Europe.

In Europe, Middle East and North Africa: Cash equity sales and research in central and eastern Europe, the Middle East and North Africa are being discontinued. Barclays is closing its Moscow office. Large Russian corporate and financial institution clients will be handled from London. The bank is assessing “various options” for the exit of the precious metals business. Investment banking services will continue unchanged from the London and Dubai offices.

In EMEA, it will exit the precious metals business.

In Americas: In the US, Barclays is trimming operations in securitized products, and will stop trading residential loans; collateralized mortgage obligations and asset-backed security derivatives will no longer be offered while banking services and research will survive unscathed.

Brazil will be closed, with New York and London handling big corporates offshore.