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Barclays closing investment banking units in Australia, Russia: memo
[HONG KONG] Barclays is closing investment banking units in Australia and Russia, as well as Asian countries such as Indonesia and Thailand, as part of a review of global operations, it said in an internal memo to staff on Thursday.
The London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa as part of some of the deepest cuts by any bank in recent times. Reuters reported the bank's retreat from South Korea and Taiwan on Jan. 5.
The memo reviewed by Reuters also showed that Barclays is exploring exiting its precious metals business globally.
A Barclays spokesman in Hong Kong declined to comment.