Salomon Smith Barney's takeover of Schroders' investment banking arm will lead to about 160 job losses in the region. Of the 300 people formerly employed in Schroders' investment banking departments, about 80 have been recruited by Salomon in debt capital markets, research, sales, investment banking and administration. Salomon also temporarily retained 60 Schroders employees to oversee the transition to new ownership. 'We are pleased that so many talented professionals have become part of Salomon Smith Barney in Asia,' Salomon Smith Barney Asia-Pacific chief executive William Mills said. About 60 employees - mostly in administration and support services - have been retained by Schroders to work in its fund management arm which was not sold to Salomon in the January deal. Some of the 300 people Schroders employed have already left the company since the January announcement of the US$2.2 billion acquisition by Salomon. The acquisition was aimed at increasing the presence of Citigroup - the parent of Salomon Smith Barney - in Europe. 'It doubles our investment banking platform in Europe and gets us where we want to be in that important region several years ahead of schedule,' Citigroup chairmen and co-chief executives John Reed and Sanford Weill said in a January statement.