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. Barclays is planning to close most of its cash-equities business in the Asia-Pacific region, as part of its strategy to reduce costs, and because its Asia securities operations are not considered profitable and competitive enough. The bank said it would also sell off a number of businesses that generate cash but don't produce any new income, including Barclays’ investment banking business, which has been losing money for years.
Barclays is planning to close most of its cash-equities business in the Asia-Pacific region, as part of its strategy to reduce costs, and because its Asia securities operations are not considered profitable and competitive enough. The bank said it would also sell off a number of businesses that generate cash but don't produce any new income, including Barclays’ investment banking business, which has been losing money for years.