Barclays to axe 3,700 jobs in $2.7 billion cost cut plan

Published February 12, 2013

| Reuters

Barclays is to axe at least 3,700 jobs and prune parts of its investment bank as its new boss put his stamp on the British bank with a plan to cut 1.7 billion pounds ($2.7 billion) in annual costs and improve standards.

Barclays Chief Executive Antony Jenkins said on Tuesday the job cuts will include 1,800 in corporate and investment banking and 1,900 in its European retail and business banking.

Jenkins' unveiled his strategic plan alongside annual results. Barclays reported a 2012 pretax profit of 246 million pounds, almost wiping out a 5.9 billion profit in 2011 due to charges for compensating customers mis-sold products and a loss on the value of its own debt. The bank said its adjusted pretax profit for 2012 was 7.05 billion, up 26 percent on the year and in line with the average analyst forecast.

(Reporting by Steve Slater; Editing by Matt Scuffham)

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