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| Barclays announces 3,700 job cuts | Barclays announces 3,700 job cuts |
| (35 minutes later) | |
| Barclays has said it will cut 3,700 jobs this year following a strategic review. | |
| That includes 1,800 jobs at its investment bank and 1,900 in European retail and business banking. | That includes 1,800 jobs at its investment bank and 1,900 in European retail and business banking. |
| It comes as the bank reported a plunge in pre-tax profit to £246m in 2012, down from £5.9bn a year ago. | |
| That was after the bank set aside money for compensating customers mis-sold products and a loss on the value of its own debt. | |
| On an adjusted basis, profit rose 26% to £7.05bn, in line with analysts' expectations. | |
| Barclays has been rocked recently by the Libor and mis-selling scandals and new chief executive Antony Jenkins, who replaced Bob Diamond in August, has pledged to transform the banking group. | Barclays has been rocked recently by the Libor and mis-selling scandals and new chief executive Antony Jenkins, who replaced Bob Diamond in August, has pledged to transform the banking group. |
| The bank also confirmed it was closing its Structured Capital Markets business, which helps clients avoid tax. | |
| It said the job cuts would result in a restructuring charge of close to £500m in the first quarter of 2013. The cutbacks are aimed at reducing costs by £1.7bn a year by 2015. | |
| Barclays currently employs 140,000 staff. | |
| The bank said its staff bonus pool was down 16% in 2012. The average bonus it paid last year fell 13% to £13,300, while the average bonus paid to staff at its investment bank fell 17% to £54,100. |