Barclays to close most of Asia-Pacific cash equities business: sources

Hong Kong

BARCLAYS plc plans to close most of its cash equities business in the Asia-Pacific region as chief executive officer Jes Staley pushes to reduce costs, according to people familiar with the matter.

The near-exit from cash equities is part of plans to eliminate about 50 per cent of jobs at the wider equities unit in the region, said the sources, who asked not to be named because no announcement has been made. They declined to specify how many employees are affected. A Barclays spokesman declined to comment.