Barclays Wealth to cut 20 jobs in Hong Kong

Published: 12 Jan 2009 00:00:00 PST

Jan. 12, 2009 (China Knowledge) - Barclays PLC decides to slash 20 jobs in Hong Kong, due to its merger plan for the two subsections, the South China Morning Post reported.

Wealth Intermediaries, the unit providing financial advice on products and services to corporate customers, will be merged into the international private bank as a result of restructuring.

The newly merged entity will provide a more integrated financial services to the clients, a spokesman for Barclays Wealth was cited as saying.

The sources also mentioned the company would also cut 10 jobs in Singapore.

This is the first job cut by Barclays Wealth in Asia.

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