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Barclays to cut 3,700 jobs

Barclays has said it will cut 3,700 jobs after pre-tax profits slumped to £246 million in 2012 from £5.9 billion a year earlier.

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Analysts expect Barclays profits of £7.18bn

The Libor-rigging scandal and provisions to cover mis-selling claims for payment protection insurance and interest rate swap products mean bottom-line pre-tax profits are expected to slump from £5.9 billion in 2011 to below £1 billion.

Stripping out one-off factors, analysts expect profits of £7.18 billion for 2012, up 28% on 2011, with more than half of this expected to come from its investment banking division.

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