Barclays expects to slash 12,000 jobs this year

February 12, 2014 6:39 am

British lender Barclays has said up to 12,000 jobs are expected to be cut in 2014 to reduce costs and counter falling income at its investment bank, where profits slumped last year, Reuters has reported. The bank said yesterday that 7,000 of the jobs will go in Britain and half of the affected staff there had already been notified. The latest cuts are not concentrated in any single business area, it added. The bank had already released headline results showing its earnings dropped 32% year-on-year to $8.5bn in 2013.