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Asian bankers could benefit from Barclays move

Barclays' acquisition of ABN AMRO could turn out to be a good thing after all - at least for bankers in Asia.

Barclays plans to slash around 12,800 jobs at the combined entity, with 4,500 reportedly set to fall on the investment bank. But speaking on Bloomberg earlier this week, Robert Diamond, chief executive of Barclays Capital, said he plans to expand the Asian side of the business following the acquisition.

"This deal gives us a much stronger foothold in China and India - Asia becomes a bigger part of the combined group than it was with Barclays and this gives us a much stronger position to grow the business going forward: in investment banking, but also in retail banking and asset management," said Diamond.

Jobs are also likely to be safe in areas such as credit derivatives and commodities, where Diamond said the two businesses were complementary. ABN is stronger in credit derivatives in Europe and Asia, while Barclays Capital is stronger in the UK and the US, he said.

Similarly, he said there was potential for Barclays risk management group to work with ABN's energy advisory group in areas such as Russia, Eastern Europe and India.

Diamond underplayed the impact of the job cuts, which are intended to save around €2.8bn and will amount to 6% of the workforce. Headcount reductions amount to one year's natural attrition at the combined group, he claimed, adding, "We find this very do-able."

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  • an
    anon
    25 April 2007

    I am recruiting on behalf of both banks at the moment and business is as usual. Key front office functions will be minimally affected.

  • An
    Anonymous
    25 April 2007

    With all these cuts these bankers will be looking for jobs elsewhere so will the market get saturated?

    Why are Barcap, ABN and Citigroup advertising jobs when they are about to cut? I wouldnt leave my firm for them yet, could be out of a job before you start.

  • an
    anon
    25 April 2007

    I recently interviewed at BarCap Research, a day later the prospective merge was announced, they kept me on hold for a month saying they were no longer hiring where i was interviewing - passing my interview around to other business areas as they thought i was a strong candidate, the day of the merge they told me everything is full. Just my luck, though glad I am not going entry-level into a bank who is making cuts... but still wishing for it just a little bit (!)

  • Ra
    Raj Jee
    25 April 2007

    With this acquisition I know both the banks will benefit in the long run, but more than that the top executives will yield the most. But the losers are the common employees who have no say in this matter. Thousands will take up positions even if they dont like it or will to have to face redundancy. The whole operation takes place in a very sly manner unfortunately. That is the truth whether you like it or not

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