Barclays to cut 3,700 jobs as it aims to reduce costs

PanARMENIAN.Net - Barclays has said it will cut 3,700 jobs following a strategic review, as it aims to reduce costs by £1.7bn, according to BBC News.

Almost half of those job losses will come at its investment bank.

It comes as Barclays reported a plunge in pre-tax profit to £246m in 2012, down from £5.9bn a year ago, after setting aside money for compensating customers mis-sold products.

Barclays boss Antony Jenkins told the BBC: "It will take years before people change their impression of us. I'm not daunted by that."

Of the job cuts, 1,800 will come from its corporate and investment bank, with the vast majority in Asia, and 1,900 will come from its European retail and business banking.

Barclays - which currently employs 140,000 staff - said very few of the job losses would be in the UK.