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Bank claim: Barclays shares rise following cost reductions

After Barclays’ chief executive Antony Jenkins unveiled plans to cut costs and boost the bank’s tarnished image, the bank has risen on the FTSE 100.

Mr Jenkins unveiled cost cutting plans that involve axing 3,700 jobs and closing the bank’s tax advisory unit in a bid to decrease costs by £2 billion.

The plans were announced at the same time that Mr Jenkins said he would like to repair the bank’s image following its recent involvement in a series of scandals.

Barclays has been linked to both the payment protection insurance mis-selling scandal and the interest rate swap mis-selling scandal.

The bank was fined £290 million when it was found guilty in an investigation into Libor rate rigging. Former chief executive for Barclays, Bob Diamond, stepped down during this time.

Barclays rose by 3.7 per cent on the FTSE 100 index following its cost cutting strategy, which is also hoped to boost the bank’s profits.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801538918-ADNFCR

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