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Jes Staley Said to Mull Deeper Cuts at Barclays Investment Bank

  • Bank said to focus job cuts on Asia, global cash equities
  • Reductions come on top of existing cost-cutting program
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Staley Seeks to Improve Profitability at Barclays

Less than a week into his new job, Barclays Plc Chief Executive Officer Jes Staley is mulling deeper cuts at the securities unit that could see an additional 20 percent of bankers lose their jobs, according to people with knowledge of the matter.

Under the plan, the bank is looking to eliminate jobs in Asia and the global cash equities business, the people, who asked not to be identified because the strategy is private, said late Friday. The cuts, which would come on top of an existing program to reduce 7,000 jobs at the investment bank through 2016, could be announced early next year, with the Asia securities division not considered competitive and profitable enough, they said.