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Barclays to close down equities biz in India

Barclays is planning to close down the equities business in India. The action is part of the bank’s plans to cut down costs and increase profits. The equities business, started in 2011, includes research and broking for institutional investors. It has some 25 people on the rolls. The British bank is now undertaking a three-year long project to reduct costs and this involves some 19,000 job cuts. The bank has already stopped all new recruitments. Barclays has corporate and investment banking and wealth management businesses in India. There are reports that the bank will be selling its Asian private wealth business and Singapore’s DBS Bank and Julius Baer are interested in acquiring this business.

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