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Barclays to cull investment bank with 7,000 job cuts

Barclays is to cut 7,000 jobs from its investment banking division by 2016. It already announced job losses across the group of 12,000 for this year, but this has been increased to 14,000 as a result of the investment bank changes.

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Barclays boss: Job cuts will not damage bank 'at all'

The chief executive of the Barclays Group has rejected claims that morale has sunk within the bank over the announcement it is to cut 7,000 jobs, arguing that it "would not damage" the organisation "at all".

Antony Jenkins told ITV News: "I don't think it is going to damage Barclays at all. I think our colleagues understand what we are trying to do strategically, and the feedback that I have been receiving all through today is they are excited about the direction of the bank.

"Of course we understand that the people who are directly affected by this will be concerned, and of course we are going to treat them with care and respect."

He added: "This is about positioning Barclays so it can succeed and win in the new world."

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