Barclays (LON:BARC) Plc's CEO, C.S. Venkatakrishnan, confirmed today that the bank's growing Asia operations are expected to remain largely unaffected by the upcoming global job cuts. The bank's strategic decision comes as it faces significant pressure following a disappointing third-quarter earnings report.
Venkatakrishnan also expressed caution regarding expanding into volatile markets such as China due to geopolitical uncertainties. This cautionary stance aligns with the bank's strategic overhaul and valuation enhancement measures, which will be detailed in an investor update due in February along with the full-year results.
As part of a broader restructuring plan, Barclays has partnered with Boston Consulting Group to streamline its portfolio. This includes the proposed sale of a consumer-finance business in Germany and potentially its merchant-acquiring business.
In addition to these measures, Barclays is close to finalizing a private credit fund agreement with AGL Credit Management. This move aligns with the bank's strategy following former CEO Jes Staley's global job cuts five years ago.
Following Staley's cuts, Barclays selectively expanded in Asia, despite having previously downsized operations in Australia, South Korea, and Malaysia. The bank's current strategy indicates a continued focus on growth in this region while maintaining a cautious approach toward unstable markets.
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