Barclays Asia cash-equity unit finally turns profit

Hong Kong

BARCLAYS plc is on track to make money from its cash-equity broking unit in the Asia-Pacific region by 2016, seven years after it started the business.

Recent cost cuts should allow the UK's second largest bank by assets to turn a profit in Asian cash equities by the end of next year, said Vikesh Kotecha, the firm's Asia-Pacific head of equities trading. Mr Kotecha said that Barclays has also refocused on its most profitable clients in a business that includes electronic and portfolio trading, exchange-traded funds