Barclays scales back £1bn retail presence in India

 
City A.M. Reporter
BARCLAYS said yesterday it has decided not to book new retail loans in India, while maintaining its deposit business as part of a restructuring to focus on its corporate banking, wealth management and investment banking businesses.

UK-based Barclays plans to sell its retail loan book of more than $580m (£369m) in the next six months to one year, a source with direct knowledge of the matter said separately.

The bank will cut about 150 jobs out of its total headcount of 850 people for banking operations in India as it scales down retail banking operations in the country, the source said.

Barclays had said in July it had cut headcount in India after merging the client relationship teams of its commercial and investment bank units.