An investment banking source said: "Across a whole range of industries from commodities through to services global corp are having to cut costs. It's disappointing to see global corporations exiting the Australian market but it is a necessity forced on these companies by the current economic environment.
Foreign banks are also retreating from more peripheral markets because the wave of global liquidity has squeezed the margins in institutional banking, a trend that has also affected Asia-focused ANZ Bank. The global rout on sharemarkets has also added to the urgency for banks to reassess which markets and business lines they want to compete in.
Barclays, chaired globally by former ANZ Bank chief executive John Macfarlane, has operated in Australia for decades, with a recent focus on investment banking. Its has advised on deals including last month's purchase of Australia's third biggest private hospital operator, Healthe Care, by China's Luye Medical Group.
The cuts from Mr Staley come before a strategic update that he and Mr McFarlane are scheduled to present alongside the bank's full-year results on March 1. British lenders Standard Chartered Plc and Royal Bank of Scotland have also have made broad cuts in Asia after deciding their operations there weren't profitable enough. Globally, Morgan Stanley's Australian-born chief executive James Gorman said this week he was "effectively done" with about job reductions in fixed-income trading after concluding the outlook for the business is poor.
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About Products. Password Forgot password? Don't have an account? Unlock Access. Barclays' commercial banking strategy, based on the development of clusters of branches to service medium-sized companies, is unique among the foreign banks that entered the local market.
Barclays also adopted a relatively low media profile during the commercial division's infancy and is only now beginning to adopt a slightly more aggressive marketing approach.
Consequently, many in the banking industry have been critical of Barclays'strategy, claiming it lacked direction. Now, however, Barclays' slow and steady approach is beginning to pay dividends, with many of the major banks recognising Barclays as a growing threat. Mr Gilbert said deposits and advances in Barclays' commercial banking division jumped 40 per cent in , and the bank is forecasting growth of 30 per cent in The commercial division also targets the personal banking business of professionals or high net worth.
It has marketed itself on Barclays' reputation of integrity and conservative financial management.
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