Barclays has allegedly slashed 71 positions in its Singapore office.
The number of layoffs however, was not as large as it was previously reported.
According to a bank insider as cited by an online article from The Straits Times, Barclays will still maintain much of its business core here.
The source was quoted as saying, “A total of 71 employees were let go. A lot of the cuts were made because we are exiting the cash equity business here. That included the sales, research, and legal or compliance folks supporting that business.”
"A few were let go from the local currencies team for Malaysia, Thailand and Indonesia.”
The Straits Times also stated that several staff claimed that around 100 employees were laid off and they were not given any form of retrenchment benefits.
Barclays has allegedly slashed 71 positions in its Singapore office.The number of layoffs however, was not as large as it was previously reported.According to a bank insider as cited by an online article from The Straits Times, Barclays will still maintain much of its business core here.The source was quoted as saying, “A total of 71 employees were let go. A lot of the cuts were made because we are exiting the cash equity business here. That included the sales, research, and legal or compliance folks supporting that business.”"A few were let go from the local currencies team for Malaysia, Thailand and Indonesia.”The Straits Times also stated that several staff claimed that around 100 employees were laid off and they were not given any form of retrenchment benefits.
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