Barclays beat a hasty retreat from Australia two years ago amid massive spending cuts. The bank has now returned to the lucky country.
London-based Barclays has regained a foothold in Australia with the opening of an office in Sydney, the bank said in a media statement on Thursday.
The re-established presence will be headed by Paul Early, managing director head of natural resources Asia Pacific, and Richard Satchwell, who has been with Barclays since joining in London in 2005.
U-turn Move
The move represents a u-turn from two years ago, when Barclays CEO Jes Staley ordered roughly 230 bankers sacked after a review of its Australian and wider Asian business in Taiwan, South Korea and Malaysia.
Barclays will initially focus on providing advisory and capital markets services to local corporate and institutional clients. The British bank didn't mention wealth management, which it is bulking up on in Asia, in its plans for Australia.
