A recent press report said that Barclays Plc has cut jobs in India due to the merging of the client relationship teams of its commercial and investment banking units.
According to a email response of Barclays Capital, Clare Williams, a Hong Kong-based spokeswoman for Barclays, the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India.
Ms. Williams said that as a result of the decision to combine the two teams that, unfortunately, their jobs fell away and the bank has planned to axe 50 jobs in India as it narrows its focus on large companies there.
She added saying that Mr. Karan Bhagat, managing director and country head for Barclays Corporate, will leave the firm, and Jaideep Khanna, managing director and head of investment banking, will lead the merged team.
According to the banks website it has around 2,000 commercial clients including large Indian corporates, small and medium enterprises and Indian companies looking to grow overseas. It offers home loan, personal loans, loan against property, drop down loan etc. It has around 5,000 employees in India.