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Barclays Plc is hiring dealmakers in India while its global business slashes 300 jobs across the corporate and investment banking roles, Bloomberg reported on October 6.
Srikanth Chakka and Sameer Sood of Credit Suisse have been tapped for the MNC’s advisory business in India by year-end, sources told Bloomberg. Sood who was with Credit Suisse since 2010 will join as MD; while Chakka, who joined the Swiss bank in 2021, will head Barclays industrials in the investment banking division in Mumbai.
Also Read: Barclays bank to lay off over 450 employees in UK
Sood, Chakka, Credit Suisse and Barclays did not comment on questions.
Earlier in August, Barclays PLC named new executives to its top management in India, a major overseas market for the lender. Pramod Kumar joined as CEO and Suneeta Shetty as India Chief Operating Officer.
Among Barclays’ global units, India ranked fourth by revenue last year, trailing only the UK, US and Ireland. The firm’s turnover in India has more than tripled in almost 10 years, outshining the performance of other key markets in Asia like Singapore or Hong Kong.
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The India business, which also includes corporate and private banking, was more than twice the size of Singapore’s and Japan’s last year.
Bloomberg’s data from the past two years shows Barclays was an adviser on Adani’s Holchim India, and JSW’s renewable energy business buy outs.
On the global side, sources earlier in September said Barclays would lay off 450 people from its UK business. The job cuts came as the company planned to cull about 5 percent of client-facing staff in the trading division and some dealmakers globally.
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