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Barclays admits cutting jobs in India

Barclays admits cutting jobs in India
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First Published: Sun, Jul 17 2011. 04 23 PM IST
Updated: Sun, Jul 17 2011. 04 23 PM IST
Mumbai: Barclays Plc has cut jobs in India as a result of merging the client relationship teams of its commercial and investment banking units, a company spokeswoman said on Sunday.
Barclays Capital, the investment banking unit of the UK- based bank, and the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India, Clare Williams, a Hong Kong-based spokeswoman for Barclays, told Reuters in an emailed response.
“Last week a small number were informed that as a result of the decision to combine the two teams that, regrettably, their jobs fell away,” Williams said, without specifying how many.
The bank plans to axe 50 jobs in India as it narrows its focus on large companies there, Bloomberg reported earlier, citing two people with direct knowledge of the situation.
The bank has just cut 25 jobs and will get rid of a similar number in coming months, the two sources told Bloomberg.
Karan Bhagat, managing director and country head for Barclays Corporate, the commercial banking unit, will leave the firm, while Jaideep Khanna, managing director and head of investment banking, will lead the merged team, Williams said.
The bank has 2,000 commercial clients including large Indian corporates, small and medium enterprises and Indian companies looking to grow overseas, according to its website. It employs 5,000 people in India.
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First Published: Sun, Jul 17 2011. 04 23 PM IST