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Barclays to cut investment banking operations: memo

Barclays is closing investment banking units as part of a review of global operations Credit: PA

Barclays is closing investment banking units in Australia and Russia, as well as in Asian countries such as Indonesia and Thailand, as part of some of the deepest cuts by any bank in recent times.

According to an internal memo sent to staff today, the London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa.

The changes are part of a review of global operations.

The memo also showed that Barclays is exploring exiting its precious metals business globally.

A Barclays spokesman in Hong Kong declined to comment.


Barclays report 25% rise in profits after CEO sacked

Credit: PA

Barclays has announced a 25% rise in first half year profits just three weeks after chief executive Antony Jenkins was fired over lacklustre revenue growth.

It comes despite the bank having to pay out more than £1 billion in compensation to customers over scandals such as PPI mis-selling.

However, the bank has said it will streamline the business to ramp up growth and squeeze costs but has yet to say how they will do that.

Barclays deputy chairman Sir Mike Rake set to leave bank

Credit: PA

The deputy chairman of Barclays Bank is set to leave the bank a week after chief executive Antony Jenkins was fired.

Sir Mike Rake, who has been in the post since 2012, is said to be in talks to become the new chairman of payments firm Worldpay.

ITV News' Business Editor Joel Hills said Sir Mike had "agreed in principle" to the new role "but nothing has been signed".

Antony Jenkins: Barclays chief executive to step down

Barclays has announced its chief executive Antony Jenkins is to step down.

A "new set of skills were required" at the helm of the group, Barclays deputy chairman Deputy chairman Sir Michael Rake said.

Antony Jenkins is leaving the bank. Credit: PA Wire

He added that new leadership was required to accelerate the pace of change at the lender.

I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors. Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.

– Sir Michael Rake

The bank said it will appoint chairman John McFarlane as executive chairman from July 17 until a successor is found.

Banks 'working to restore trust' after Forex scandal

Antony Jenkins, chief executive at Barclays, apologised for the bank's role in the scandal.

The misconduct at the core of these investigations is wholly incompatible with Barclays' purpose and values and we deeply regret that it occurred.

I share the frustration of shareholders and colleagues that some individuals have once more brought our company and industry into disrepute.

– Barclays

RBS has also so far dismissed three staff and a further two are suspended.

The serious misconduct that lies at the heart of today's announcements has no place in the bank that I am building.

Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust.

– Ross McEwan, RBS chief executive
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