Barclays to scale down retail bank operations in India

Barclays will not book new retail loans in India, while maintaining its deposit business.

This is part of its restructuring to focus on its corporate banking, wealth management and investment banking businesses.

U.K.-based Barclays plans to sell its retail loan book of more than $580 million in the next six months to one year, a source with direct knowledge of the matter said separately.

The bank will cut about 150 jobs out of its total headcount of 850 people for banking operations in India due to the scaling down of retail banking operations in Asia's third-largest economy, the source said.

Barclays had said in July it had cut headcount in India as a result of merging the client relationship teams of its commercial and investment banking units.

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Tags: Indian operations, retail loans, wealth management, corporate banking, investment banking