Amid global downsizing, Barclays turns to India for key hires
Barclays is making moves in India, hiring dealmakers despite cutting 300 jobs worldwide in its corporate and investment banking sectors, reported Bloomberg. Srikanth Chakka and Sameer Sood, both from Credit Suisse, are set to join the multinational's advisory business in India by year's end. Sood will take on the role of Managing Director, while Chakka will lead Barclays in the investment banking division in Mumbai.
New executives appointed for Barclays India
In August, Barclays announced new appointments to its top management in India, a key market for the lender. Pramod Kumar was named CEO and Suneeta Shetty as India's Chief Operating Officer. Among Barclays's global units, India ranked fourth by revenue last year, trailing only the UK, US, and Ireland. The firm's turnover in India has more than tripled in almost a decade, outpacing other major markets in Asia like Singapore and Hong Kong.
India business outshines Singapore and Japan
Barclays's business in India, which includes corporate and private banking, was more than double the size of Singapore's and Japan's last year. Bloomberg data from the past two years shows that Barclays has advised on deals such as Adani Group's acquisition of Holcim India and JSW's purchase of a renewable energy business. This growth comes even as the company faces global job cuts, with 450 people being laid off from its UK business earlier in September.
