Barclays PLC BCS is planning to slash 150 jobs from its corporate banking unit in Dubai as part of a business restructuring in the Middle East, as reported by Bloomberg.

The UK-based company is expected to close its offices at Emaar Square. The bankers and support staff will be transferred to its office at Dubai International Financial Centre. On the other hand, its corporate branch in Abu Dhabi and wholesale banking license with the U.A.E. Central Bank will be retained.

Barclays is adopting an operating model that better leverages global capabilities and its centers of excellence in the Middle East, according to a spokesman in Dubai.

Burdened with litigations and subsequent settlements, Barclays had been persistently underperforming, which triggered concerns among shareholders. The company has been striving hard to mitigate macroeconomic pressure and stringent regulations through restructuring.

While Chief Executive Officer Jes Staley plans to get rid of 1,200 employees worldwide and close securities operations across Asia, the wealth-management business is also being restructured to boost earnings growth.

With the help of faster layoffs, the company looks forward to more cost savings and improved returns, especially in its fixed-income operations. Also, the company looks ahead to enhance its focus on debt and equity capital markets businesses. Nevertheless, a boost in revenues and capital performance are required for a long-term sustainable improvement in the company’s performance.

Other global companies like HSBC Holdings plc HSBC and Standard Chartered plc SCBFF have also been trimming jobs in an attempt to boost profitability by saving costs.

Moreover, Barclays has agreed to offload a portfolio of derivatives contracts to JPMorgan Chase & Co. JPM with an aim to accelerate the sale of unwanted assets to lower its capital requirements.

According to the Bloomberg report, the portfolio largely includes interest-rate swaps, which are backed by collateral that will transfer to JPMorgan. While the size of the transferred portfolio was not revealed, derivatives accounted for half of the risk-weighted assets in Barclays’ non-core division.

However, approval from customers affected by the portfolio transfer will be required prior to the transfer. While the transfer is in line with Barclays’ strategy of reallocating its resources for improved returns and boosting shareholders value, JPMorgan will get enhanced access to additional European trading clients.

Also, JPMorgan’s large derivatives portfolio will likely mitigate the new positions with previously held trades and the transfer is not expected to affect the company’s minimum capital requirement under rules for global systemically important banks.

“Integrating this portfolio into our own business reiterates our commitment to the broader fixed-income markets and creates the opportunity for us to work with a wider range of clients over the long-term,” JPMorgan said in an e-mailed statement to Bloomberg.

Currently, Barclays holds a Zacks Rank #4 (Sell).

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