Barclays to Sell European Retail Business (Reuters)
Barclays Plc., England’s fourth-largest bank by market value, is currently downsizing its United Arab Emirates (UAE) retail banking business, which could be in preparation for a sale of that unit. Already under a cost-cutting directive from Chief Executive Anthony Jenkins, the banking concern is eliminating 3,700 jobs, reducing salary for senior bankers and closing offices. And now, in the UAE, with competition increasingly fiercely, and domestic banks not held accountable to the same stringent risk-law that Barclay’s is, a
U.S. stocks fell today, sending the S&P 500 to its fifth drop in six sessions. This was due in part to data which indicated a slowdown in Japan’s economic growth, as well investors who await tomorrow’s report on American retail sales.
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