Heavy job losses at Barclays investment division

Barclays will cut 7,000 jobs from its investment banking division by 2016 as part of a strategy review.

Read: Barclays to axe 7,000 jobs in investment division

The bank has already announced job losses around the group of 12,000 for this year, but this has been increased to 14,000.

It comes two days after Barclays announced that first quarter earnings from the division fell by half, meaning profits at the group slid by 5%. In a statement, Barclays said:

Plans for the Investment Bank will result in gross headcount reductions of around 7,000 by 2016 across core and non-core.

The overall 2014 Group gross headcount reduction has been increased to 14,000.

More: Barclays to axe 14,000 jobs this year

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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.