Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Finance

Barclays bank to cut 1,000 jobs: report

The Barclays building, formerly the Lehman Brothers headquarters, towers over Midtown Manhattan on September 16, 2013 in New York City/AFP

Bloomberg said the job cuts could be announced on Thursday and would “particularly affect employees in Asia.”

Troubled British bank Barclays is to make a new round of job cuts, axing more than 1,000 positions across its New York, London and particularly its Asia divisions, Bloomberg News reported Wednesday.

Bloomberg said the job cuts could be announced on Thursday and would “particularly affect employees in Asia”, citing a person briefed on the matter.

Barclays is one of several banks implementing job cuts in a tough environment for investment banks, as slowing global growth and stricter capital rules affect lenders.

Barclays chief executive James Staley announced the selling of the lender’s Italian retail branch division in “re-shaping of Barclays group to focus on our core businesses”.

Read: Barclays considering Africa exit

The Financial Times reported that Barclays planned to quit its investment banking operations across much of Asia, and scale back in parts of Europe and Latin America, to focus on its central US and British markets.

A spokesman for Barclays declined to comment.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...