Barclays to slash 3,700 jobs in 2013

AFP-JIJI

Britain’s troubled Barclays bank will ax at least 3,700 jobs this year, it announced Tuesday after revealing that it plunged into the red in 2012 amid the Libor rate-rigging scandal.

The lender said it would “reduce head count by at least 3,700 across the group, including 1,800 in the Corporate & Investment Bank and 1,900 in Europe Retail and Business Banking.” Barclays employs 140,000 staff.

Barclays reported an after-tax loss of £1.04 billion ($1.63 billion) for 2012 compared with a net profit of £3.01 billion in 2011, as it took a vast £4.6 billion charge on the rising value of its own debt.