Hundreds to lose jobs as Barclays scales back operations across Asia

Global investment bank Barclays has announced it will dramatically wind back its Asia business operation, closing a number of equity services in the region.

In an email to clients on Thursday, the bank said it is closing its cash equity research, sales and trading, and convertible bond trading businesses in all Asian countries.

The bank will continue its prime brokerage and derivatives business in the region, the email said.

About 230 people would lose their jobs in Asia , Bloomberg reported on Thursday, as part of an overall cut of 1,000 jobs worldwide at Barclays. The Wall Street Journal put the number at 250. A spokesman for Barclays refused to confirm the reports when contacted by the South China Morning Post.

Bloomberg also reported the company’s bonus pool had been cut by 10 per cent globally, with bonus payments to be delayed until March.

It was reported that offices in Taiwan, Australia, South Korea and Malaysia would close, while the bank’s offices in Hong Kong, mainland China, Japan and Singapore would be spared the axe.

The spokesman refused to comment, but a former employee who asked not to be named said rumours about a change of strategy had been simmering since October, when Jes Staley was appointed chief executive.