Barclays is expected to cut more than 1,000 jobs across its investment bank, with its Asian operations being hit particularly hard as Jes Staley, the new chief executive, begins to implement his strategy.
The losses could be announced as early as today, and will be on top of the 7,000 investment bank posts earmarked to be cut in 2014 by Antony Jenkins, the previous chief executive.
Barclays investment bank employs approximately 20,500 staff.
The latest announcement is expected to confirm a retreat from large parts of the bank’s Asian operations, including the likely closure of its equities desk, and other trading operations in India, Taiwan and South Korea, according to the Financial Times.
Barclays is likely to keep some trading units in Japan, Hong Kong