Barclays Wealth to shed 30 jobs in Singapore, HK
Thu, Jan 08, 2009
Reuters
SINGAPORE - Barclays said on Thursday it will shed 30 jobs in Singapore and Hong Kong as it folds one of its units into its wealth management division.
A spokesman for Barclays Wealth said its "Wealth Intermediaries" unit will be merged with the international private bank as a result of restructuring. The unit provided financial advice on products and services to corporate customers.
"It has been decided that the businesses of Wealth Intermediaries and International Private Bank will be brought together and provide a more integrated Barclays Wealth offering to our clients," he said.
Banking sources told Reuters this was the first cut by Barclays Wealth in Asia.
It is a wake-up call on jobs in the field of wealth mgt after so many years of unrealistics high salary growth and compensation for the "wealth" mgr.
Thu, Jan 08, 2009
Reuters
SINGAPORE - Barclays said on Thursday it will shed 30 jobs in Singapore and Hong Kong as it folds one of its units into its wealth management division.
A spokesman for Barclays Wealth said its "Wealth Intermediaries" unit will be merged with the international private bank as a result of restructuring. The unit provided financial advice on products and services to corporate customers.
"It has been decided that the businesses of Wealth Intermediaries and International Private Bank will be brought together and provide a more integrated Barclays Wealth offering to our clients," he said.
Banking sources told Reuters this was the first cut by Barclays Wealth in Asia.
It is a wake-up call on jobs in the field of wealth mgt after so many years of unrealistics high salary growth and compensation for the "wealth" mgr.
