Barclays To Expand In Singapore
SINGAPORE – Following a 2016 restructuring that saw Barclays exit some markets in Asia, the British multinational bank plans to rebuild in some of the markets it departed from after gaining from a boom in deals and trading along with its Wall Street rivals, reported Bloomberg on Thursday morning (9 December, SGT).
In particular, the financial firm is targeting to expand in Singapore, Australia, India, and China, said Barclays’ Chief Executive for Asia Pacific and India.
He said Barclays intends to build up its investment banking business in Australia and private banking business in Singapore by hiring locally. It is also hiring in Hong Kong and Japan.
Notably, the multinational bank holds an interest in Australian advisory firm Barrenjoey Capital Partners, which hired a number of renowned dealmakers in 2020 from banks, including JPMorgan and UBS.
“We are profitable in the region and I fully expect it to continue in 2022,” disclosed the 56-year-old Khanna.
“Our focus is going to be consistent – try and stick to the areas where we are strong. There are enough areas for us to drive returns today and that’s what we are focused on.”
Barclays’s rebuilding and expansion into Asia comes after former Chief Executive Jes Staley started a global round of job cuts 5 years ago that closed its cash securities operations across the region.
The multinational bank had then downsized its operations in countries, such as Malaysia, Australia, South Korea. But it retained it derivatives and prime brokerage business in Asia.
“Barclays in 2021-2022 is a very different business from that existed prior to 2016. It is much more focused now, generating better returns with more local knowledge and more self-awareness,” added Khanna.