Barclays Slashing 3.7K Jobs
Bank plans major overhaul
By Matt Cantor, Newser User
Posted Feb 12, 2013 3:18 AM CST
A view of a Barclay's bank branch in central London, Friday, June 28, 2012.   (AP Photo/Lefteris Pitarakis)

(Newser) – Barclays is set to cut some 3,700 jobs amid an operations overhaul, it announced today. Coming out of a strategic review, the company is looking to cut costs by some $2.7 billion, the BBC reports. Nearly half the job cuts will occur at Barclays' investment bank, mostly in Asia. Meanwhile, the firm will concentrate operations in three locations: the US, UK, and Africa, the Wall Street Journal reports. Its European retail banking will begin to focus on wealthy clients.

The move comes as the company attempts to clean up its image after the Libor and other scandals. Related charges meant the bank saw a pre-tax profit last year of some $385 million, compared to $9.2 billion the year before, Reuters notes. "We intend to change what Barclays does and how we do it," CEO Anthony Jenkins said in a statement. "It will take years before people change their impression of us," he noted. But "I'm not daunted by that."

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jcdoherty
Feb 12, 2013 6:17 AM CST
Wow a company that made Billions of profit in 2012 needs to eliminate 3,700 jobs? The greed of bank executives and investor never stops. No doubt those fired were happy to be sacrificed so the bank could turn an even more obscene profit to benefit the execs and investors. Wall street needs to be abolished for the benefit of mankind. What happened to the anti trust laws?