Barclays Announces Closure of Offices in Nine Countries, Focus on UK, US Markets
The London-based bank plans to leave certain product lines to stay in tune with its strategy.
Offices in Asia; the Americas; and Europe, the Middle East and Africa (EMEA) will all be closed with a goal of focusing on the London-based bank's two home markets: the UK and the US.
Barclays will still offer expertise and resources to clients who have cross-border requirements from its offices in China, Hong Kong, Singapore, Japan and India.
"With these actions, we are accelerating the investment bank strategy outlined in 2014, focusing on its core strengths and running the business for returns," says Jes Staley, Barclays CEO, in a statement. "We continue to build on the business' dual home markets in the UK and US, and remain committed to a strong presence in Asia and EMEA, consistent with operating a leading global investment bank within the Barclays Group."
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