Monday, 23rd November 2009

 

9 January 2009 - Press Briefing

Barclays Wealth unveils 30 layoffs in Asian operations

Barclays on Thursday declared 30 layoffs in Singapore and Hong Kong as it folds one of its units into its wealth management arm, according to a Reuters report.

Under the restructuring, Barclays Wealth’s "Wealth Intermediaries" division will be merged with the international private bank, a spokesman for the firm said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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