Barclays to slash 3,700 jobs, save reputation
Reuters : London, Wed Feb 13 2013, 00:56 hrs
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Barclays' new chief executive Antony Jenkins pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.
"Barclays is changing. There will be no going back to the old way of doing things. We are changing the way we do business, we are changing the type of business we do," Jenkins said while unveiling his 'Project Transform'.
Investors applauded the bank's plans to raise its dividend and cut £1.7 billion in annual costs, including eliminating 1,800 jobs in corporate and investment banking and 1,900 in its European retail and business banking. Jenkins expects his plan to take five to 10 years.
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