Barclays Expanding Investment Banking in India Amid Global Layoffs

Barclays Expanding Investment Banking in India Amid Global Layoffs

VoM News Desk | October 6, 2023 | 03:17 PM IST | Breaking News | Follow on Google News

Barclays Expanding Investment Banking in India Amid Global Layoffs

Barclays Expanding Investment Banking in India Amid Global Layoffs

Barclays Plc, the global banking giant, is reportedly expanding its investment banking operations in India, even as it carries out layoffs in its corporate and investment banking roles worldwide. The bank is hiring dealmakers in India as part of its strategy to strengthen its presence in the country.

Experienced professionals from Credit Suisse, Srikanth Chakka and Sameer Sood, are set to join Barclays’ advisory business in India by the end of the year. Sood will take on the role of Managing Director, while Chakka will head Barclays’ industrials in the investment banking division in Mumbai. This recruitment follows a series of top management appointments made by Barclays Plc in India in August.

India is a significant overseas market for Barclays, ranking fourth in terms of revenue last year, following the UK, US, and Ireland. Over the past decade, the bank’s turnover in India has more than tripled, surpassing other key Asian markets like Singapore and Hong Kong.

Barclays’ expansion in India is backed by its successful advisory roles in major business deals in the country. Bloomberg’s data shows that Barclays advised on Adani’s Holchim India and JSW’s renewable energy business acquisitions over the past two years.

This move to expand in India comes as Barclays is laying off 450 employees in its UK business and planning to reduce about 5 percent of client-facing staff in the trading division and certain dealmakers globally. These contrasting strategies highlight Barclays’ focus on promising markets like India while optimizing costs in other regions.

The long-term impact of these decisions on Barclays’ global positioning, profitability, and workforce morale remains uncertain. Additionally, these strategies will have implications for job markets and industry trends in the countries involved.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.