Barclays sees ‘fee rebound’ in Mideast as region escapes cuts

The bank, which employees about 1,000 people in the region, expects to hire about 100 more this year and has a “healthy pipeline” of debt capital market and M&A deal mandates, according to its Mena CEO

Barclays, which is cutting 3,700 jobs as it reduces costs by $2.6bn a year, said it plans further expansion in the Middle East and North Africa on rising demand for wealth management and investment banking services.

Barclays, which employees about 1,000 people in the region, expects to hire about 100 more this year and has a “healthy pipeline” of debt capital market and M&A deal mandates, John Vitalo, the bank’s chief executive officer for the Middle East and North Africa, said in an interview in Dubai on February 27.

The London-based bank announced global job cuts and a plan to cut costs last month as CEO Antony Jenkins revamps the lender after its £290mn- ($436mn) fine for interest-rate manipulation and first annual loss in two decades. In the Middle East, Barclays plans to hire in wealth management, investment banking and retail, and Vitalo said he’s “cautiously optimistic” on the fee pool for capital markets and advisory.
Read more: http://www.gulf-times.com/business/191/details/344240/barclays-sees-%e2%80%98fee-rebound%e2%80%99-in-mideast-as-region-escapes-cuts