More Signs of Trouble in Asia: Barclays to Cut Investment Banking Jobs Reuters reports that Barclays Bank will announce investment banking job cuts across Asia sometime next week. The news publication’s sources said that these jobs cuts will include closures in South Korea and Taiwan.
These rumored cuts come after the Asian region’s failure to produce sustained growth in the post-2008 economy created a difficult business environment for investment bankers in Asia. In addition to these suspected cuts, Reuters reported on Monday that Barclays will close its Indian equities business as part of its Asian cost-cutting measures.
Barclays’ Asian cuts include eliminating corporate finance and advisory positions in South Korea and Taiwan, along with equities sales and research staff in the region. In total, Reuters’ sources expect Barclays to cut at least 50 Asian jobs.
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