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

Laura Miller
clock

Barclays has said it will cut 3,700 jobs this year following a strategic review as profits plunge due to mis-selling claims.

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,...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

What does 2026 hold for investment?

What does 2026 hold for investment?

‘The disruptors of yesterday are now the establishment’

Jen Frost
clock 17 December 2025 • 3 min read
FCA launches trio of crypto consultations as UK interest nears tipping point

FCA launches trio of crypto consultations as UK interest nears tipping point

Consumer protection and innovation

Patrick Brusnahan
clock 16 December 2025 • 2 min read
Cryptoasset legislation in UK to come into force in 2027

Cryptoasset legislation in UK to come into force in 2027

Consumer protection

Cristian Angeloni
clock 15 December 2025 • 1 min read