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| Barclays to cut 1,200 investment banking jobs worldwide | |
| (about 2 hours later) | |
| Barclays is to cut about 1,200 jobs, most of them in its investment banking business in Asia. | Barclays is to cut about 1,200 jobs, most of them in its investment banking business in Asia. |
| The BBC understands the bank plans to close investment banking operations in several Asia Pacific countries, | |
| The changes are the first big move by Barclays' new chief executive, James "Jes" Staley, to cut costs. | |
| The move is part of Barclays strategy to focus more narrowly on geographical areas where it sees the most growth, in particular the US and the UK. | |
| Investment banking operations in Australia, South Korea, Taiwan, Indonesia, Malaysia, Philippines, Thailand and Russia will all be closed down, according to the latest decision, although it will offer services from other locations. | |
| The shake-up means Barclays will get out of cash equity sales in some countries in Asia Pacific and elsewhere. | |
| It is also looking at getting out of precious metals trading, in line with a strategic review announced in 2014. | |
| At that time the bank announced it would shed 19,000 jobs, 7,000 of them in investment banking. That process has now been been completed. |