Barclays Capital, the investment banking unit of the UK-based bank, and the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India, Hong Kong-based Barclays spokeswoman Clare Williams told Reuters.
“Last week a small number were informed that as a result of the decision to combine the two teams that, regrettably, their jobs fell away,” Williams said.
The bank plans to axe 50 jobs in India as it narrows its focus on large companies here, Bloomberg reported earlier, citing two sources.
The bank has just cut 25 jobs and will get rid of a similar number in coming months, the sources told Bloomberg. The commercial banking unit, Barclays Corporate managing director and country head Karan Bhagat will leave the firm, while managing director and head of investment banking Jaideep Khanna will lead the merged team, Williams said.
Barclays employs 5,000 people in India.
Published 17 July 2011, 15:55 IST