Barclays to cut 50 corporate banking jobs in India

The bank cut 25 jobs this week and will reduce a similar number of positions in the next few months, the two sources told Bloomberg.

Barclays Capital, the investment banking unit of the U.K.- based bank, and the company's commercial banking division are combining the teams that focus on servicing corporate clients in India, Bloomberg reported, citing Clare Williams, a Hong Kong-based spokeswoman for Barclays.

Williams did not respond to phone calls or an email seeking comment.

Karan Bhagat, managing director and country head for Barclays Corporate, the commercial banking unit, will leave the firm, while Jaideep Khanna, managing director and head of investment banking, will lead the merged team, Williams said.

The bank has 2,000 commercial clients including large Indian corporates, small and medium enterprises and Indian companies looking to grow overseas, according to its website.

Copyright Reuters, 2011