Barclays Cuts 1,200 Jobs as ‘Dead’ Bitcoin Thrives
Major financial players are feeling the effect of the ongoing financial crisis and are forced to cut down staff numbers all over the world. Barclays, one of the biggest banks in the world, has announced they will be cutting at last 1,200 jobs. Especially their Asian branch, which will be hit the hardest by this decision, as 230 employees will be let go....
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Reuters reports that Barclays Bank will announce investment banking job cuts across Asia sometime next week. The news publication’s sources said that these jobs cuts will include closures in South Korea and Taiwan. These rumored cuts come after the Asian region’s failure to produce sustained growth in the post-2008 economy created a difficult business environment for investment bankers in Asia. In addition to these suspected cuts, Reuters reported on Monday that Barclays will close its Indian equities business as part of its Asian cost-cutting measures.
As far as the official explanation for this round of job cuts goes, Goldman Sachs blames the harsh environment since the financial crisis. Our society is going through some very difficult economic times right now. Banks and financial institutions are axing jobs left and right. Goldman Sachs will cut nearly 30% of their Asian investment jobs over the next few years. Slow growth, and the emergence of alternative finance are two driving factors for this decision. Interestingly enough, the majority of jobs will be cut in regions where Bitcoin is thriving. Goldman Sachs Struggles In Asia. The....
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