By Steve Slater
LONDON, Jan 21 (IFR) - Barclays is to cut about 1,000 staffin its investment bank as the UK bank's new chief executive JesStaley moves to improve profitability in the business byslashing costs, a person familiar with the matter said.
The cuts were announced to staff on Thursday, and most willbe in Asia, the source said. Barclays has already cut about7,000 staff in its investment bank in the last three years, toreduce the unit's headcount to about 17,000.
Tom King, head of investment banking for Barclays, said thebank was "sharpening our focus on the geographies and productswhere we have a clear competitive advantage". In Asia it willkeep a physical presence only in China, Hong Kong, India, Japanand Singapore.
It will discontinue Asia Pacific local cash equity products,with the exception of electronic execution-only services, and nolonger pursue 'high-touch' equities sales, trading, or researchcoverage of Asia products in any region, King said in a memo tostaff, seen by IFR.
The memo did not specify the number of job cuts in Asia.
King said the bank was considering exiting its preciousmetals business and will close its Moscow office, with coverageof key Russian corporates and financial institutions moving toLondon.
Its Brazil markets business will be delivered offshore byits New York and London teams, King said in the memo.
(Reporting by Steve Slater; editing by Sudip Roy)