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

Big games, big names… and smaller companies

Big games, big names… and smaller companies

'Brazil should be looking to the future rather than to the past'

Gabriel Sacks
clock 22 June 2026 • 4 min read
Why should investors back China in the worldwide robotics race?

Why should investors back China in the worldwide robotics race?

The race to identify Asia's hidden gems

Xin-Yao Ng
clock 19 June 2026 • 5 min read
UK small-caps – down and out or ready for a rope-a-dope?

UK small-caps – down and out or ready for a rope-a-dope?

'Our faith is rooted in our own in-depth research and direct engagement with businesses'

Eustace Santa Barbara
clock 19 June 2026 • 5 min read