“We have cut jobs,” Asia-Pacific co-CEO Andrew Jones said in an interview in Hong Kong today with Bloomberg Television’s John Dawson. “We are hiring to basically fill out the business, and we adopted a new model which is more country-centric.”
When asked where the firm is hiring, he said Indonesia is a place of “particular focus.” The London-based bank is also expanding in capital markets in China and continues to
invest in India, he added. He didn’t give numbers for hiring targets.
Chief Executive Officer Antony Jenkins announced plans in May to eliminate 7,000 investment-banking jobs globally as revenue from trading fixed income, currencies and commodities shrinks. The plan will bring the number of jobs to be cut across the firm by 2016 to 19,000.
“Ultimately, Asia will take its share” of headcount reductions, Jones said. Barclays has undertaken a “very, very big restructuring” in investment banking in Asia, he said.
Jones, a former chief operating officer for the region, began his post as co-CEO in July after Robert Morrice retired. He shares the role with Eiji Nakai.
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