British banking major Barclays will reportedly begin cutting 100 jobs across investment-banking and markets businesses Asia-Pacific this week.
The job cuts represent nearly 5% of the bank’s investment bank staff in the region, Bloomberg reported citing a person with kowledge of the matter.
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The job cuts are said to a part of company’s plans to trim 7,000 investment banking jobs across its global operations by 2016 to tackle drop in revenue from trading fixed income, currencies and commodities.
Bloomberg quoted an anonymous source saying that the company is to replace Edward King with Vanessa Koo as Asia-Pacific head of mergers and acquisitions.
Barclays Hong Kong spokesperson Timothy Cuffe told Bloomberg, "We are not exiting any of the 11 countries we currently operate in throughout the region. We will target growth in key areas of strength and scale for the bank."
Last month, the UK bank announced its plans to cut 19,000 jobs over the next three years including 7,000 positions in investment banking.
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By GlobalDataThe organizational overhaul is amidst departure of senior executives in the company including Asia-Pacific corporate finance head Johan Leven and Asia-Pacific financial institutions group Helge Weiner-Trapness.
