Barclays to 'cut investment bank staff by another 20%'

Barclays is planning to cut its investment bank staff by an extra 20%, according to reports.

The majority of the loses will be in Asia and its global cash equities business, people with knowledge of the situation told the Sunday Morning Herald.

The bank's Asia securities division is no longer considered to be profitable or competitive enough, the sources said.

It comes after the lender already revealed plans to slash 7,000 jobs at its investment bank next year.

Barlcays told the publication that the bank is "constantly monitoring our opportunities in different geographies and businesses".

New chief executive Jes Staley said earlier this year that he plans to "complete the necessary transformation and repositioning of the investment bank to a less capital-intensive model".