Bloomberg News

Barclays Said to Close Brazil Research Unit and Cut Jobs

January 22, 2013

Barclays Plc (BARC), Britain’s second- largest bank, is closing its Brazil research unit and cutting staff there amid a global restructuring, two people with direct knowledge of the matter said.

Barclays will reduce the size of its equity-trading, fixed- income and investment-banking business in Brazil, according to one of the people, who asked not to be identified because the decision hasn’t been made public.

Chief Executive Officer Antony Jenkins, 51, who took charge in August after the bank was fined a record 290 million pounds ($460 million) for manipulating Libor, is preparing to announce his restructuring plan. The firm has said it will eliminate businesses that are a risk to its reputation and aren’t profitable enough as regulators toughen capital requirements.

Bartolomeo Acquaviva was named country head for the Brazil subsidiary in June to oversee all of the London-based lender’s businesses there. Barclays has about 775 million reais ($379 million) in capital and assets of about 6.8 billion reais in Brazil, according to the central bank’s website.

Kerrie Cohen, a spokeswoman for Barclays, declined to comment on the job cuts.

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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