The lender will move some of the positions in Singapore to India, sources familiar with the matter told Bloomberg.
Barclays has confirmed that is looking to axe jobs in Singapore but did not disclose the exact number of layoffs.
The bank said: “We have now identified a number of additional roles that carry out global activity in Singapore which can be relocated.
“Regrettably, this will mean that roles will fall away in Singapore, and so we are working closely with the colleagues impacted to ensure they are supported throughout the process.”
In line with moves from other banks, Barclays is looking to trim its expenditure to boost its returns on equity as tighter regulations increase its costs, the publication reported.
Earlier this year, the bank closed its cash equities operations across Asia, as part of its global restructuring plans.
In January, Barclays said that it was planning to cut more than 1000 jobs and exit from several Asian countries in a bid to cut costs.
Barclays planned to close its investment banking businesses in Australia, Indonesia, Malaysia, Philippines, South Korea, Taiwan and Thailand, Reuters reported.
In August, the London-based bank completed the sale of its Italian retail banking network to CheBanca!, a member of the Mediobanca Group.
Barclays Group CEO Jes Staley said: “Accelerating the rundown of Barclays Non-Core is a key part of our strategy to close the gap between the Group’s returns and those in our strong Core business.”
Image: Barclays to axe 100 IT jobs in Singapore. Photo courtesy of Barclays.
