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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Barclays unveils strategic review commitments

Barclays has outlined a number of commitments following the outcome of its long-awaited strategic review.

They include:

  • To close its controversial Structured Capital Markets tax advisory division
  • Focus investment in the UK, US and Africa
  • Reduce total costs significantly by operating more efficiently
  • Cut at least 3,700 jobs across the business
  • Publish an annual scorecard assessing its performance

Chief Executive Antony Jenkins said Barclays is also committed to providing "greater disclosure and transparency" around its financial performance.

"We expect to make good progress towards our financial commitments by 2014 and deliver them fully by 2015", Mr Jenkins said.

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