Exclusive - Barclays to close down energy business within macro

Exclusive - Barclays to close down energy business within macro trading division - memo

Last Updated: Thu, Dec 01, 2016 20:02 hrs
The logo of Barclays is seen on the top of one of its branch in Madrid

LONDON (Reuters) - Barclays will close the energy business within its 'Macro' trading division, the bank said in an internal memo on Thursday obtained by Reuters, in a move that will affect dozens of jobs at the British lender.

The bank said it would have required "significant incremental investment" to maintain and grow the business, and that the resources would be better deployed growing its interest rates and forex businesses instead.

"This is the right decision for Macro and the broader firm as we invest for the long term to best serve our clients," Joe Corcoran, head of markets at Barclays, said in the memo.

(Reporting By Lawrence White; Editing by Susan Fenton)



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