Barclays seen cutting even more investment bank jobs

London

BARCLAYS may cut an additional 20 per cent of investment bank staff, mostly in Asia and the global cash equities business, as chief executive officer Jes Staley seeks to shore up profitability, according to people with knowledge of the decision.

The Asia securities division, with operations in markets including Japan, Hong Kong and Singapore, isn't considered competitive and profitable enough, said the people, who asked not to be identified because the strategy is private. The cuts, which would come on top of an existing programme to eliminate 7,000 jobs at the investment bank through 2016, could be announced early next year, they said.