Barclays to slash 3,700 jobs in 2013


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.