KARACHI: Just into the second year of operations in the country, Barclays Pakistan sacked nearly 120 employees as it closed down the consumer finance business.
“We are aligning our strategic focus with the opportunities in the market place that we believe will prove beneficial for our customers and for Barclays,” a statement from the bank quoted Managing Director Mohsin Nathani as saying.
He said the bank will continue to focus on meeting the corporate and treasury requirements of multi-national corporations, financial institutions and large local businesses. “As part of its business focus, Barclays has decided to discontinue the retail loans business. This decision has impacted approximately 80 permanent and 40 contract positions across the country.”
The global financial services giant posted a loss of Rs1.67 billion in 2009 as it continued to expand its outreach with spending on new branches. Barclays has a network of 15 branches in Pakistan.
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