Barclays cuts Asian cash equities as axe swings in global cull

Barclay’s pullback from the stockbroking business in Asia forms part of a wider retreat by European banks, as global cost-cutting reaches peripheral businesses in a region where a drop in Chinese trading volumes and local competition have hit profits.

The Business Times reported that more than 10 employees in Singapore will be retrenched, part of a global layoff of over 1,000 jobs.

CEO Jes Staley, who took the helm last month, is looking to increase earnings growth and boost investor confidence by focusing on the bank’s most profitable businesses.

“We are constantly monitoring our opportunities in different geographies and businesses over the cycle”, a Barclays spokesman said.

The bonus pool at the investment bank fell 24 percent to 1 billion pounds ($1.4 billion) in 2014 from 1.3 billion pounds in the previous year, according to the bank’s annual report.

As previously announced, Barclays will pay bonus payments later than usual, in March, to align with the publication of its remuneration report. The stock lost about 10 per cent in both 2014 and 2015.

Investment bank Barclays is expected to scale back its Asian operations in a bid to cut costs.

The anticipated move has been announced to help the bank cut costs. “But all the time we’re monitoring our geographies, we’re monitoring our products, and we’re making adjustments”.