Troubled British bank Barclays announced a new round of job cuts on Friday, axing 1,200 positions at its investment banking division, exiting Russia and closing offices across Asia. The job losses, confirmed by a bank spokesman, are the first round of cutbacks unveiled by new chief executive Jes Staley, and come on top of 7,000 jobs cut since 2014.
The latest cull will fall mostly on Asia, where Barclays will shut offices in Australia, South Korea, Taiwan, Indonesia, Malaysia, Thailand and the Philippines, and cover those countries from other locations. Barclays will also completely exit Russia and handle that country from london.