[Aju News DB]
Barclays will close its Seoul operations by the end of this year as the British bank seeks to slash costs and boost returns in its push for global restructuring, a banking source said on Friday.
“Barclays will completely withdraw from South Korea after 39 years as part of the bank’s global cost-cutting drive,” the source. Some 100 employees work for Barclays Bank and Barclays Capital in South Korea
In common with other European lenders, Barclays is facing up to a harsh environment for investment banks in Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis.
Company comment is not available but Reuters reported on Friday that Barclays will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia.
Barclays will shut its investment banking businesses in countries including Australia, Indonesia, Malaysia, the Philippines, South Korea, Taiwan and Thailand, with those markets to be covered from financial hub cities in their respective regions, Reuters said.
By Alex lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
