Barclays to axe 3,700 jobs in strategic overhaul

Barclays is to axe at least 3,700 jobs and prune its investment bank, under a restructuring plan launched by its new chief executive that seeks to cut £1.7 billion (US$2.7 billion) in annual costs and improve standards.

The plans form part of an overhaul which CEO Antony Jenkins hopes will convince a sceptical public that he will change a bank which has been dogged by a series of scandals, including a US$450 million fine for rigging interbank lending rates or Libor.

via Business feed http://www.scmp.com/business/banking-finance/article/1148712/barclays-axe-3700-jobs-strategic-overhaul