(9 December 2021 – Asia) Barclays plans to make key hires across investment banking and wealth management in Asia next year as the British lender plots its return after a 2016 restructuring.
The bank – which is benefiting from a boom in deals and trading along with its Wall Street rivals – is seeking to rebuild in some of the markets it exited and is targeting China, India, Singapore and Australia to expand, according to head of Barclays Asia Pacific and India chief executive Jaideep Khanna.
“We are profitable in the region and I fully expect it to continue in 2022,” said Khanna. “Our focus is going to be consistent – try and stick to the areas where we are strong. There are enough areas for us to drive returns today and that’s what we are focused on.”
Khanna also said Barclays plans to build up its private banking business in Singapore, and investment banking in Australia by hiring locally.
“In China we are small, we see the potential and we want to continue to invest in a calibrated and deliberate manner there,” he said. “Diversification in financial services is the holy grail. That has saved firms.”
Barclays is “probably the only international bank of our size and stature that has the regional CEO based out of India – that gives a sense to how important India is,” Khanna said. Outside of the UK, Barclays has the highest number of employees in India and the bank plans to invest over $400 million to grow its corporate, investment and wealth management businesses in the market.