Barclays Sets Sights on Asia

The firm has is making strategic hires across investment banking and wealth management teams, as part of plans to rebuild in the region.

U.K.-headquartered Barclays is targeting expansion in China, India, Singapore, and Australia, and is also hiring in Japan and Hong Kong, Jaideep Khanna, head of Barclays Asia-Pacific and India chief executive officer, said in an interview published Thursday.

We are profitable in the region and I fully expect it to continue in 2022, Khanna said, adding our focus is going to be consistent – try and stick to the areas where we are strong. There are enough areas for us to drive returns today and that’s what we are focused on.

His comments are a turnaround from moves the British lender made in 2020 to cut around 100 senior jobs in its investment banking arm, including dozens of roles in Asia. The bank had been scaling back operations in several countries in the region, including in Australia, South Korea, and Malaysia.

Barclays in 2021-22 is a very different business that existed prior to 2016,” Khanna said. “It is much more focused now, generating better returns with more local knowledge and more self-awareness, Khanna said.

Khanna also said Barclays plans to build up its private banking business in Singapore, and investment banking in Australia by hiring locally.

Earlier this year, Barclays called Southeast Asia a strategically important and dynamically high-growth region, while bolstering its ranks, including Evonne Tan as head of Barclays Private Bank, Singapore; APAC head of equity capital markets Kelvin Teo, and Ee-Ching Tay as head of Southeast Asia banking. For Asia, it added a regional head of program trading Girish Mithran and vice chairman of Greater China banking Yehong Ji.