Barclays announces 3,700 job cuts; profits plunge to £246m

That includes 1,800 jobs at its investment bank and 1,900 in European retail and business banking, according to the BBC. It comes as the bank reported a plunge in pre-tax profit to £246m in 2012, down from £5.9bn a year ago. That was after the bank set aside money for compensating customers mis-sold products and a loss on the value of its own debt. On an adjusted basis, profit rose 26% to £7.05bn, in line with analysts' expectations. Barclays has been rocked recently by the Libor and mis-selling scandals and new chief executive Antony Jenkins, who replaced Bob Diamond in August,...