Barclays to axe jobs in India

Barclays has cut jobs in India as a result of merging the client relationship teams of its commercial and investment banking units, a company spokeswoman said yesterday. Barclays Capital, the investment banking unit of the UK-based bank, and the company's commercial banking division, are combining the teams that focus on servicing corporate clients in India, Clare Williams, a Hong Kong-based spokeswoman for Barclays stated. “Last week a small number were informed that as a result of the decision to combine the two teams that, regrettably, their jobs fell away," Williams said, without specifying how many. The bank plans to axe 50 jobs in India as it narrows its focus on large companies there, according to earlier reports.