Barclays News Adds Potency to Asian Wealth Unit Sale

Jes Staley, CEO Barclays

Jes Staley, CEO Barclays

The new CEO Jes Staley is forcefully making his choices now. British bank Barclays will exit operations in Australia, Taiwan, South Korea and Malaysia.

Barclays plans to trim in the region of 230 jobs across its Asia Pacific operations.

The closure of these operations will add more potency to the speculation that Barclays wealth management operations in the Asian region may soon be sold.

New CEO Looks to Boost Earnings

The «Financial Times», (paywall), has reported that the new CEO Jes Staley is now forcefully making his choices on exactly where and how to boost earnings growth and restore investor confidence by concentrating on the bank’s most cost-effective and profitable businesses.

It is believed that the bank plans to continue with offices in China, Hong Kong, Japan, India, and Singapore and will keep its prime brokerage and derivatives business in Asia.

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