Barclays has announced several initiatives within its Investment Bank which build on its existing strategy.
The Investment Bank will continue to focus on its two home markets in the UK and US and will continue to develop its global franchise, building on areas of competitive advantage and the strength of its client relationships internationally, while exiting certain product lines. We will close offices in nine countries across Asia, the Americas and EMEA. In Asia, we will continue to provide expertise and resources to clients who have cross-border requirements from offices in China, Hong Kong SAR, Singapore, Japan and India.
Barclays will report its full year results for the year ended 31 December 2015 on 1 March 2016. For this period, Barclays expects to report Investment Bank income broadly flat on the prior year.
Jes Staley commented: “With these actions, we are 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.”