London-based Barclays is undergoing global job cuts but Asia is expected to be relatively less impacted, according to CEO CS Venkatakrishnan.
Barclays is axing jobs globally in the midst of lower net profits recorded in the third quarter (16 percent year-on-year decrease). But the cuts vary from region to region, with Asia expected to be largely spared.
«It is a reduction in workforce generally speaking. Proportionally, it is far less likely to impact [Asia],» said CEO CS Venkatakrishnan in an interview with «Bloomberg».
According to Venkatakrishnan, the British bank is expanding selectively in the region. He was cautious about China, calling it «ambitious» to grow the wealth business in the market at this point in time. Currently, Barclays has a single branch and representative office in mainland China.
