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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.