Barclays sheds jobs as it reveals drop in profits
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."