Barclays has announced plans to cut 1,200 jobs from its investment banking division in Asia.
Sources say the bank is planning to close its investment banking operations entirely in several countries in South East Asia as it turns focus to areas identified as key for growth - the UK and US.
It is the first move made by new chief executive Jes Staley.
Australia, Indonesia, Malaysia, Philippines, Russia, South Korea and Thailand are believed to be the countries to have investment banking operations scrapped by Barclays.
Following a major strategic review in 2014, Barclays announced plans to cut 19,000 jobs in its global workforce, 7,000 of which came in its investment banking division.