Barclays to close banking unit in Russia

© Stephen Hird
Britain’s Barclays bank has announced plans to shut down its investment banking unit in Russia. The decision is part of a cost-cutting plan after a review of the bank's global operations.

The London-based multinational also plans to shut units in Australia and several Asian countries. The markets will be covered from principal financial hubs in Hong Kong and Singapore.

READ MORE: Deutsche Bank scales back in Russia after US criminal probe

Barclays is halting the onshore markets coverage in Brazil as well as cash equities selling and execution businesses in Central Europe, the Middle East and North Africa as part of the cost-cutting.

The bank exited Taiwan and South Korea earlier in January. Barclays will reportedly cut as many as 1,000 jobs worldwide.