Barclays to announce up to 1,200 lay-offs

However, it aspired to remain a so-called "bulge-bracket investment bank", as those in the financial industry often refer to the largest institutions in the space.

The bank announced that it will close offices in nine countries across Asia, the Americas and EMEA, providing services to cross-border clients from its offices in China, Hong Kong SAR, Singapore, Japan and India.

“By focusing our business on areas where we have sustainable competitive advantage, we are putting ourselves in a position where we can not just survive but thrive in a dynamic, complex operating environment,” investment bank chief Tom King told staff in a memo, which was seen by the Financial Times.

The US unit for securitised products would also undergo a restructuring, King added, shifting its focus from trading residential loans and collateralised mortgage obligations, and some forms of commercial mortgage-backed securities and towards asset-backed and commercial mortgage-backed securities.

Chief executive Jes Staley was quoted in a statement as saying Barclays was accelerating the investment bank strategy outlined in 2014, "focusing on its core strengths and running the business for returns".

"We continue to build on the business's dual home markets in the UK and US and remain committed to a strong presence in Asia and EMEA, consistent with operating a leading global investment bank within the Barclays Group," he said.

Barclays was also evaluating various options for the exit from its precious metals business, King told staff.

As of 1445 GMT shares in Barclays were up 0.6% to 183.15p.