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Bank claim: 3,700 jobs set to go at Barclays

Barclays has announced plans to cut around 3,700 jobs following a strategic review aimed at reducing the company's costs by £1.7 billion.

It follows the news that the bank saw its pre-tax profits slide to £246 million in 2012, down from £5.9 billion the previous year.

Around half of the job losses are expected to come from the financial institution's investment bank arm - mostly in Asia - while the rest will be drawn from its European retail and business operations.

Barclays has seen its financial position suffer recently after it set aside £1.6 billion to compensate customers who were mis-sold payment protection insurance, while another £850 million was earmarked to reimburse individuals mis-sold interest rate hedging products.

It was also fined £290 million last year for its part in the Libor rate-fixing scandal that engulfed the banking industry.

New boss at the organisation Anthony Jenkins had pledged to change the culture of the bank following the string of negative coverage in recent times.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801539520-ADNFCR



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