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| Barclays to cut up to 12,000 jobs as aims to trim costs | Barclays to cut up to 12,000 jobs as aims to trim costs |
| (about 1 hour later) | |
| Barclays plans to cut between 10,000 and 12,000 jobs this year, including 7,000 in the UK. | Barclays plans to cut between 10,000 and 12,000 jobs this year, including 7,000 in the UK. |
| The bank, which has 140,000 staff in total, said it had already told about half of the staff affected. | The bank, which has 140,000 staff in total, said it had already told about half of the staff affected. |
| The cuts came as Barclays said it had increased the total amount it paid on staff bonuses last year. | The cuts came as Barclays said it had increased the total amount it paid on staff bonuses last year. |
| The bank's total bonus pool for 2013 rose by 10% to £2.38bn, from £2.17bn in 2012, with the investment bank's bonus pool increasing by 13%. | The bank's total bonus pool for 2013 rose by 10% to £2.38bn, from £2.17bn in 2012, with the investment bank's bonus pool increasing by 13%. |
| "At Barclays, we believe in paying for performance and paying competitively," said chief executive Antony Jenkins, who has waived his own annual bonus. | "At Barclays, we believe in paying for performance and paying competitively," said chief executive Antony Jenkins, who has waived his own annual bonus. |
| Barclays said the job cuts would hit 820 senior manager roles, of which 220 were managing directors and 600 directors. | Barclays said the job cuts would hit 820 senior manager roles, of which 220 were managing directors and 600 directors. |
| About 400 of those senior job cuts are from the investment bank. | About 400 of those senior job cuts are from the investment bank. |
| Barclays said it was hopeful it could achieve the majority of the cuts voluntarily. | Barclays said it was hopeful it could achieve the majority of the cuts voluntarily. |
| The fresh job cuts come after the bank cut 7,650 roles last year. | The fresh job cuts come after the bank cut 7,650 roles last year. |
| Profit hit by restructuring | Profit hit by restructuring |
| The details come a day after Barclays released its full-year profit figures. | The details come a day after Barclays released its full-year profit figures. |
| The bank's statutory pre-tax profits for 2013 rose to £2.9bn, while adjusted pre-tax profits fell to £5.2bn. | The bank's statutory pre-tax profits for 2013 rose to £2.9bn, while adjusted pre-tax profits fell to £5.2bn. |
| Pre-tax profits in its investment banking division slumped 37% to £2.5bn over the year. | |
| Barclays said its profits were hit by restructuring the bank last year, including its withdrawal from certain lines of business, as well as legal costs. | Barclays said its profits were hit by restructuring the bank last year, including its withdrawal from certain lines of business, as well as legal costs. |
| Overall, the bank's pay-to-income ratio rose to 43.2% from 40% in 2012, well above the bank's mid-30s target. | Overall, the bank's pay-to-income ratio rose to 43.2% from 40% in 2012, well above the bank's mid-30s target. |
| The bank said the bonus increase was in the long term interests of shareholders, but said it was still aiming for a mid-30s ratio over "the medium term". | The bank said the bonus increase was in the long term interests of shareholders, but said it was still aiming for a mid-30s ratio over "the medium term". |
| Mr Jenkins is trying to revamp the image of Britain's third-largest bank, after the aggressive culture of former Barclays boss Bob Diamond culminated in a £290m fine for rigging Libor rates. | Mr Jenkins is trying to revamp the image of Britain's third-largest bank, after the aggressive culture of former Barclays boss Bob Diamond culminated in a £290m fine for rigging Libor rates. |
| Mr Jenkins told Radio 4 that it had made "substantial progress" in transforming Barclays into what it calls a "go-to" bank, which is attractive and open to customers, but said further work was needed. | Mr Jenkins told Radio 4 that it had made "substantial progress" in transforming Barclays into what it calls a "go-to" bank, which is attractive and open to customers, but said further work was needed. |
| "We do have a long way to go and I acknowledge that," he added. | "We do have a long way to go and I acknowledge that," he added. |