Barclays shares jump 4% on £1.7bn cost-cutting plans

Laura Miller
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Barclays shares have jumped after the bank announced it will cut 3,700 jobs this year following a strategic review, as pre-tax profits plunge due to mis-selling claims.

The cuts will include 1,800 jobs at its investment bank and 1,900 in European retail and business banking. Barclays currently employs 140,000 staff. It said the job cuts would result in a restructuring charge of close to £500m in the first quarter of 2013. The cutbacks are aimed at reducing costs by £1.7bn a year by 2015. Investors reacted positively to the news, sending Barclays shares to the top of the FTSE 100 leaderboard in early trading. The bank's share price rose 4.4% to 315p, with the FTSE 100 flat at 6,271. Announcing the plans alongside its annual results, Barclays rep...

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