Barclays Cuts 3,700 Jobs Despite Profit Hike

Barclays announces 3,700 job cuts amid plans to cut £1.7bn in annual costs and improve standards.

Of these job losses, 1,800 will be in its corporate and investment bank and 1,900 will be in European retail and business banking.

Sky News revealed on Monday that thousands of jobs would go outside its investment bank as part of a streamlining programme overseen by the company's new chief executive Antony Jenkins.

It comes as the bank - Britain's second largest - said adjusted pre-tax profit was £7.048bn over the 12 months to the end of December - up 26% on 2011.

Its staff bonus pool for 2012 was down 16%, with staff at its investment bank getting an average of £54,100 and other employees receiving £13,300.

Mr Jenkins, who become Barclay's chief executive five months ago, is due to announce the outcome of a strategic review this morning,

As part of the overhaul, the group's total cost base will be reduced by £1.7bn to £16.8bn in 2015.

The bank also confirmed that its controversial tax avoidance unit would close, as revealed by Sky's City Editor last week.

"We intend to change what Barclays does and how we do it and have set out clear commitments against which our progress can be measured," Mr Jenkins said in a statement.

"Our goal is to make Barclays the 'Go-To' bank for all our stakeholders.

"The plan that we set out today is critical to delivering that goal."

In total, Barclays' employs around 140,000 people across the world.

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