Barclays Plc plans to shut most of its cash-equities business in the Asia-Pacific region as Chief Executive Officer Jes Staley pushes to reduce costs, according to people with knowledge of the matter.
The near-exit from cash equities is part of plans to eliminate about 50 percent of jobs at the wider equities unit in the region, said the people, who asked not to be named because no announcement has been made. They declined to specify how many employees are affected. The bank is also considering whether to cut about 30 jobs in the investment-banking team in the region, one of the people said. A spokesman declined to comment.