Barclays sheds jobs as it reveals drop in profits

By Rob Virtue on February 12, 2013 10:12 AM |

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Canary Wharf bank Barclays will cut 3,700 jobs, the firm announced on Tuesday.

The company's new chief executive Antony Jenkins said the job losses were part of a bid to reduce costs by £1.7bn.

It follows the high-profile departure of Bob Diamond last year and comes as the firm announce a big drop in pre-tax profit.

Around 1,800 of the jobs would go in the corporate and investment bank and 1,900 of the cuts would be made in European retail and business banking.

A small percentage of the job cuts would be made in Britain. However, workers in Canary Wharf have suffered a drop in bonuses of 14 per cent.

In a bad last 12 months for banks, Jenkins told the BBC: "It will take years before people change their impression of us."