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Barclays Asia-Pacific CEO to step down; co-heads named

Barclays Plc named Jaideep Khanna and Reid Marsh as co-heads for Asia-Pacific to replace Andy Jones, who is stepping down as CEO for the region, the Financial Times reported Jan. 26, citing an internal company memo.

Marsh is currently Barclays' head of banking for Asia-Pacific, while Khanna is CEO for India. Both will retain their current roles, Reuters reported the same day. The role of CEO for Asia-Pacific will remain vacant.

Jones is stepping down from his role as CEO of Asia-Pacific due to personal reasons and will assume an interim role as vice chairman during the leadership transition, the memo said.

Barclays has scaled down in Asia over the past year, saying in early 2016 that it would slash jobs and close various operations in the region. The U.K.-based banking group also completed the sale of its wealth and investment management business in Singapore and Hong Kong to Oversea-Chinese Banking Corp. Ltd. unit Bank of Singapore Ltd. in November 2016.