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Barclays pulls out of Australian market

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Barclays has executed a rapid exit from the Australian market, as the investment bank seeks to cut costs by slashing jobs across the Asia-Pacific region.

Local staff were on Thursday told the bank would be quitting the Australian market, effective immediately, and about 80 staff are expected to lose their jobs as a result of the closure. The move was first reported by The Australian Financial Review's Street Talk column.

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Clancy Yeates is deputy business editor. He has covered banking and financial services, and was previously national business correspondent in the Canberra bureau. Connect with Clancy on Twitter.
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Joyce Moullakis wrote on banking and finance, specialising in Investment Banking, Private Equity, Financial Services. Connect with Joyce on Twitter. Email Joyce at jmoullakis@afr.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/barclays-pulls-out-of-australian-market-20160121-gmb65a