Kelvin Teo, Barclays Plc’s head of equity capital markets for Asia Pacific, is departing from the firm after almost three years, according to people familiar with the matter.

Wei Lynn Chen, who helms the bank’s sustainability and impact investment banking team in the region, is also leaving, the people said, asking not to be identified as the information is private.

The departures come as Barclays plans to dismiss about 5% of its client-facing staff in the trading division as well as some dealmakers globally as Bloomberg News reported earlier. The lender is joining its peers including Goldman Sachs Group Inc. and Citigroup Inc. in reducing staff globally given a prolonged slump in dealmaking and capital markets activity.

A representative for Barclays declined to comment, while Teo and Chen didn’t immediately respond to requests for comment.

Prior to joining Barclays in early 2021, Hong Kong-based Teo was head of bespoke investments for Greater China and North Asia at Bank of Singapore Ltd., his LinkedIn profile shows. He also spent about eight years at Credit Suisse.

Chen, who is also based in Hong Kong, started at Barclays in August 2021, according to her LinkedIn profile. She previously worked at Bank of Nova Scotia and Standard Chartered Plc.