Yes, you may have heard it here first, folks, at least in the English-speaking press, except for that of South Africa, where Barclays’ African operations are headquartered, that Barclays has no plans to reduce the workforce in Africa. We first found out about it in the French press, while the aforementioned-English-speaking press, save for that of South Africa, focused on the drastic reduction in their investment banking business. At least some are reporting that one of the core areas that Barclays will now focus on will be “banking in Africa”.
According to Agence Ecofin (the French press), Barclays Africa Group Limited was created as a result of the combination of Barclays Bank, Plc in Africa with the South Africa-Based bank Absa, Ltd. They have 1,300 branches across the continent and offer a wide range of financial services, such as investment banking, retail banking, wealth management and finance. For Barclays Africa Group Limited alone, there was a net profit increase of 20% in 2013 to $1.1 billion. Its stock can be purchased in the United States over-the-counter as AGRPY.
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