Earlier this week Barlcays promised not to dawdle when it comes to canning the 2,000 employees slated to be cut. Today employees in Asia got to experience that follow-through in action!
Barclays is laying off 15% of the employees, or about 70 people, from its investment banking division across Asia starting Thursday, people familiar with the matter said, as part of the U.K.-based bank's move to shrink its investment banking division globally. The job cuts in Asia will hit the bank's merger and acquisitions advisory, global finance, risk, equity capital markets and debt capital markets divisions, the people said. Equity capital markets bankers handle share sales for companies, while their debt capital markets peers arrange bond deals. The Asian job cuts come as the bank is laying off about 10% of its investment banking workforce worldwide, or some 2,000 employees.