British banking giant has made good on their promise to cut over 30,000 jobs across their global workforce, and employees in Singapore experienced the burn when a mass exodus transpired yesterday.
The Straits Times reports that about 100 Barclays employees in Singapore were let go yesterday as part of the bank’s ruthless cost-cutting exercise. The 100 included equities professionals, investment bankers and more — just a fraction of the 1,000 jobs in Asia that will be slashed.
They were informed that the bank is closing their cash equity research business across Asia, and had plans to exit investment banking in Australia, Indonesia and the Philippines. Investment banking in China, India, Singapore, Hong Kong and Japan will still carry on.
The retrenchment exercise didn’t go down well obviously, with several staffers complaining that bonuses will not be paid out as promised, and they’re given less than the usual retrenchment benefits.
