Apparently one of Jes Staley's first orders of business as the new CEO of Barclays (NYSE: BCS) was to say, "We can do a lot better than that."
Barclays Plc may cut an additional 20 percent of investment bank staff, with most of the losses in Asia and the global cash equities business, as Chief Executive Officer Jes Staley seeks to shore up profitability, according to people with knowledge of the decision. The Asia securities division, with operations in markets including Japan, Hong Kong and Singapore, isn’t considered competitive and profitable enough, said the people, who asked not to be identified because the strategy is private. The cuts, which would come on top of an existing program to eliminate 7,000 jobs at the investment bank through 2016, could be announced early next year, they said.
Barclays Said to Plan Further 20% Investment Bank Job Cuts [Bloomberg]
