The Barclays Plc headquarters sits in the Canary Wharf business, financial and shopping district of London, U.K., on Wednesday, Oct. 28, 2015. Within minutes of his appointment, new Barclays Plc chief Jes Staley set out his vision for the lenders investment bank, pledging to continue shrinking the division and restore a collaborative relationship with regulators after the firm paid billions in misconduct fines. Photographer: Simon Dawson/Bloomberg
LONDON: Less than a week into his new job, Barclays Plc chief executive officer Jes Staley (pic) is mulling deeper cuts at the securities unit that could see an additional 20% of bankers lose their jobs, according to people with knowledge of the matter.
Under the plan, the bank was looking to eliminate jobs in Asia and the global cash equities business, the people, who asked not to be identified because the strategy is private, said. The cuts, which would come on top of an existing programme to reduce 7,000 jobs at the investment bank through 2016, could be announced early next year, with the Asia securities division not considered competitive and profitable enough, they said.
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