Barclays to cut back operations in Asian countries

Investment bank Barclays is expected to scale back its Asian operations in a bid to cut costs. Gonig ahead, the bank may cut operations in continental Europe and Latin America too. 

The bank, in an email to its clients wrote that it will shut cash equity research, convertible bond trading businesses and sales and trading in all Asian countries, media reports have said. 

However, the bank will continue its prime services and synthetics business.

Our prime services and synthetics business will continue to operate as before across the region for financing and execution,” the email said.

There have been several media reports in the last few weeks quoting CEO Jes Staley's decision to cut costs of the bank.