British banking giant, Barclays Plc, is strengthening its operations in India with key appointments, even as it plans to reduce its global workforce. The strategic move comes on Friday and follows the recent exit of Ashish Jhaveri, who previously led the bank's mergers and acquisitions in India before moving to Jefferies Financial Group Inc.
Barclays has recruited Sameer Sood from Credit Suisse to serve as a managing director and Srikanth Chakka to lead industrials. Both Sood and Chakka are expected to join Barclays' Mumbai-based investment banking division by December, marking a significant step in the bank's efforts to reestablish its presence in the Indian market.
In addition to Sood and Chakka, Barclays has also appointed Pramod Kumar and Suneeta Shetty to top executive positions. These appointments come at a time when Barclays' India business is flourishing, now ranking fourth globally by revenue. The bank's advisory roles in high-profile deals such as Adani's Holchim India and JSW's renewable energy business buyouts highlight its substantial market influence.
While fortifying its presence in India, Barclays simultaneously announced plans for cutting 450 jobs in the UK. This decision is part of a broader strategy that includes approximately 300 global layoffs across corporate and investment banking sectors. Despite these challenges, Barclays continues to reinforce its Indian operations, indicating a strategic shift towards markets showing robust growth.
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