Barclays takes knife to Asian investment bank

Barclays to cut 100 Asia-Pacific jobs in investment banking and markets, as the old guard make way for the new.

Barclays is set to cut 100 jobs across investment banking and markets, or about 5% of its workforce from its investment bank in the Asia-Pacific region, according to a source familiar with the matter.

Investment banking encompasses equity and debt capital markets plus mergers acquisitions, while markets includes trading in fixed income, currencies, commodities and equities.

The UK bank has not given any breakdown on the planned cuts. But in view of its recent announcements about its intention to exit most of its commodities activities globally and reduce its risk-weighted assets, some bankers within the firm expect a larger proportion to come from the more capital-intensive side...

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