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

Advisers look to capital accumulation in Q2 2025

Advisers look to capital accumulation in Q2 2025

Interest in inflation protection nudges up

Jen Frost
clock 18 July 2025 • 3 min read
For companies – and their investors – management matters

For companies – and their investors – management matters

'Management, whatever the setting, really is a difference-maker'

Gabriel Sacks
clock 17 July 2025 • 4 min read
'No difference in my view': Reeves LTAF-ISA decree not enough to make platforms offer them

'No difference in my view': Reeves LTAF-ISA decree not enough to make platforms offer them

Retail platforms await further rule change details

Eve Maddock-Jones
clock 16 July 2025 • 4 min read