Barclays' Staley said to be considering deeper cuts at investment bank

Barclays’ new chief executive Jes Staley is reportedly considering deeper cuts at the bank’s securities unit that could see an additional 20% of bankers lose their jobs.

Bloomberg cited people familiar with the matter as saying the bank is looking to eliminate jobs in Asia and the global cash equities business.

It is understood that the cuts, which would come on top of an existing programme to reduce 7,000 jobs at the investment bank through 2016, could be announced early next year, with the Asia securities division not considered competitive and profitable enough.

A spokeswoman at Barclays said in a statement on Friday that the bank is “constantly monitoring our opportunities in different geographies and businesses”.

Barclays employed 20,500 people at the securities unit at the end of 2014.

At 0950 GMT, Barclays shares were 0.3% higher at 230.19p.