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Hundreds more jobs set to go at Barclays

Barclays looks set to axe hundreds more jobs, mainly at its investment banking arm due to a strategic review that would be published on May 8.

The review is likely to mean hundreds of job cuts in addition to plans announced earlier this year by the bank to slash 12,000 posts.

The bank aims to cut hundreds of more jobs, mainly in its investment arm. Credit: Tim Ireland/PA

Chief executive Antony Jenkins wrote to all group staff this morning, saying the company would answer questions including how best to "simplify" its operations and which of its businesses it should "focus on and invest in".

Mr Jenkins warned staff that regulation and the wider economy were having a "significant effect on some parts of our business which we need to address proactively".

He added: "The future for Barclays will be as a strong, focused, international bank. And the investment bank will continue to be part of that mix".

More: Barclays to cut 7,000 UK jobs as bonus pool up 10%

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Virgin Money backs call for inquiry into retail banking

The bank Virgin Money has backed a call from consumer group Which? for a full competition inquiry into retail banking after "woeful" switching rates.

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@virginmoney (a bank) tells me it supports @whichuk call for full inquiry into competition in banking. More soon...

Read: Which? calls for full competition inquiry into retail banking

Seven-day bank account switching 'not a game-changer'

The level of switching bank providers is still low, the executive director of consumer group Which? has said. Richard Lloyd said:

Despite an increase in public awareness and confidence, switching levels are still low, suggesting that the new seven-day service is not the game-changer that can significantly increase competition in banking.

We're pleased the Government has responded to our calls to make banks release better data about current account running costs. If done properly this should help people more easily compare banks and find the best account for them, which will inject much needed competition into the market.

Poll: 57% think banking should be easy to understand

More than half of Britons say it is most important for banking to be easy to understand, a new ITV News/ComRes poll has found.

(From the left) a Barclays Bank, Royal Bank of Scotland and a Lloyds bank. Credit: PA

The survey of 2,034 British adults found that 57% said banking should be simple, even if this means less choice between different bank accounts.

More than two thirds thought there is generally a good choice of different banks available (70%) and it is generally easy to change bank accounts (67%).

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Almost three-quarters of Britons trust their bank

Around three quarters of the British public say they trust their bank (74%), according to a new ITV News Index poll carried out by ComRes.

Exactly the same proportion said that banks are generally a safe place to keep your money.

The City of London where a significant proportion of the UK's banking takes place. Credit: PA

However, a large minority (34%) think it is most important to have a broad choice of different bank accounts, even if this makes banking more complicated.

ComRes polled 2,034 British adults online between April 4 and 6 this week.

Over 600,000 switch bank accounts in new campaign

More than 600,000 current account customers have switched providers in the six months since a new guarantee to take the "fear factor" out of changing banks was launched.

Read: Banks to make it easier to switch accounts

The campaign to make it easier to switch bank accounts was launched in September 2013. Credit: Ian Nicholson/PA Wire

The Payments Council, which is overseeing the new service, said there were 609,300 switches in the six months to the end of March, which represents a 14% increase on the same period a year earlier.

High awareness of and growing confidence in the current account switch service has helped to boost the numbers, the Payments Council said.

Read: Seven-day bank account switching begins today

Bonus delay 'should probably be between 5 and 7 years'

Deputy governor of the Bank of England Andrew Bailey told ITV News that bankers' bonuses should probably be delayed between five and seven years instead of the three-year deferral currently in place.

The Parliamentary Commission on Banking Standards previously suggested up to a 10-year bonus delay but Mr Bailey told Economics Editor Richard Edgar that retirement had to be taken into account.

He said: "You've got to balance that against, what might be a rather common sense argument, about what is the expected length of people's working lives.

"I'm not in the business of deferring for a long time into retirement."

Read: Deputy BoE governor warns of more action on bankers' bonuses

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