(22 January 2016 – Australia) Barclays informed local staff that it would be exiting the Australian market, effective immediately.
The move, which was first reported by Fairfax publication, The Australian Financial Review, will see around 80 local staff lose their jobs.
It follows Barclay’s downsizing or exit from other Asian markets in a bid by chief executive Jes Staley to concentrate on the best performing business areas.
In total, approximately 230 jobs are expected to be eliminated as the UK based bank restructures its operations in the region, closing offices across Taiwan, South Korea and Malaysia, reports have indicated.
Barclays’ withdrawal from Australia follows that of Canada's GMP and Malaysia's CIMB. Royal Bank of Scotland has also wound down its local presence to reduce costs and boost profits ahead of public offering.