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Barclays to cut 1,200 jobs

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Barclays is to cut around 1,200 jobs, with job cuts focused in its Asian investment banking division.

The BBC reports that investment banking operations in Australia, South Korea, Taiwan, Indonesia, Malaysia, the Philippines and Thailand will all be closed down. Services will be offered from other locations.

The bank is pulling out of Russia completely with clients handled from London.

The restructure means Barclays will pull out of cash equity sales in some countries and is eyeing a withdrawal from precious metals trading.

Barclays announced a strategic review in 2014 which would see 19,000 job losses overall, with 7,000 from investment banking.

Barclays chief executive Jes Staley says: “With these actions, we are accelerating the investment bank strategy outlined in 2014, focusing on its core strengths and running the business for returns.

“We continue to build on the business’s dual home markets in the UK and US, and remain committed to a strong presence in Asia and EMEA, consistent with operating a leading global investment bank within the Barclays group.”

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