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Barclays to cut down staff in Asia-Pac

Barclays will start eliminating 100 jobs across its Asia-Pacific investment-banking and markets businesses. The reductions represent about 5% of the London-based firm’s investment bank workforce in the region. Barclays will also name Vanessa Koo to replace Edward King as Asia-Pacific head of mergers and acquisitions. Barclays’ CEO Antony Jenkins had revealed plans on 8 May to pare 7,000 investment-banking jobs worldwide by 2016 as revenue from trading fixed income, currencies and commodities shrinks. Barclays plans to cut 19,000 jobs over three years, including the 7,000 positions in investment banking announced last month and 12,000 that the lender said in February it would eliminate this year.

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