Reduction of Japanese office space

BARCLAYS will reduce office space at its loss-making Japanese securities unit to trim expenses after cutting jobs earlier this year. The UK bank, which rents two floors of the Mori Tower in Tokyo’s Roppongi Hills office complex, would vacate about half of the 31st floor as early as this year while keeping its space on the 32nd, sources said. Barclays asked about 100 people from equities in Tokyo to leave earlier this year as part of a fresh round of cuts across Asia, sources said at the time. The equity division is located on the 32nd floor. “This consolidation of office space is the logical consequence of that earlier decision,” Barclays said. “We have had a significant presence in Japan for close to 50 years, and our new, sharper focus ensures that we will be an even stronger player in the Japanese market in the years ahead,” the bank said. – Bloomberg