The British investment bank Barclays is reportedly about to exit its Australian business.
The bank is about to announce global cuts of about 1000 staff, including 230 across Asia, and is part of a strategic move by new chief executive Jes Staley to concentrate on the UK business.
Barclays, like many others, is restructuring its business, driven by tougher regulation which makes it more expensive to run some investment banking operations.
Last year, Barclays was said to be looking for buyers for its Asian wealth management business.
According to CNBC, the cuts are likely to include closure of Barclays’ cash equities desk and other trading operations in India, Taiwan and South Korea.
The Australian Financial Review says Barclays staff in Australia were briefed on the future of the local business this morning before an official announcement.