Barclays to cut 3700 jobs

Barclays is to slash 3,700 jobs from its workforce following a strategic review as it looks to reduce costs by £1.7bn.

Almost half of those job losses will come at its investment bank, with 1,800 coming from its corporate and investment banking, with the vast majority in Asia, and 1,900 from its European retail and business banking.

Barclays yesterday reported that its pre-tax profit fell from £5.9bn in 2011 to £246m in 2012, after setting aside compensation for mis-sold products and a loss on the value of its own debt.

Barclays - which currently employs 140,000 staff - said very few of the job losses would be in the UK.