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PPI claim: Barcap announces 400 global job cuts

Barclays Capital (Barcap), the investment banking arm of Barclays, has announced it will cut 400 global staff in a bid to cut costs.

Around 130 European staff will be made redundant, with the vast majority of those coming from the firm's London branch.

Only back-office staff will be affected by the cuts, with no frontline investment bankers set to lose their roles at the company.

A spokesman for Barcap claimed the firm is launching a review on operations "which will result in some job losses."

He said: "We continue to hire selectively across those parts of the business that are growing,"

The cuts come despite the firm posting a 225 per cent increase in profits in their interim report.

Barclays recently announced first-half profits had increased by nearly a third following a fall in bad debts and signs of an economic recovery.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800025390-ADNFCR



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