Barclays has become the latest in a long line of banks to pull out of the unprofitable Asian cash equities business as fierce competition and high costs make it untenable for all but the largest players and a few boutiques.
The British bank said in an email to clients on Thursday that it is closing cash equity research, sales, and trading as well as convertible bond trading across Asia. It also plans to shutter all of its investment banking operations where it is sub scale across the region including Australia, Taiwan, South Korea and Malaysia.
About 230 people will lose their jobs in Asia as...
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