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Barclays cut 3700 Jobs

Barclays has said it will cut 3700 jobs and will close its tax avoidance unit after the latest strategic review from the company. 1800 of the job cuts will be made in the investment banking sector, of which 1600 have already been made, in a move that is aimed at cutting annual costs and improving standards.

This comes after the pre-tax profit recorded at Barclays in 2012 fell to £256m, down from £5.9bn in the previous year.

Barclays has said that very few of the job losses would be in the UK, and that most of the cuts would be made in Asia, as well as from its European retail and business banking.

The reason for the ‘poor’ performance of the bank throughout 2012 can be put down to the mis-selling of insurance products predominantly, with Barclays setting aside a massive £1.6bn in order to compensate customers for the mis-selling of payment protection insurance (PPI), as well as a further £850m for those who were mis-sold interest rate hedging products.

Barclays boss, Antony Jenkins said this about the company: “It will take years before people change their opinions of us. You should not sell products to customers that are not in their interest. I’ve been very clear that we have to run this business in a way that delivers for customers and clients”

If you think you have been mis-sold a financial product, or are worried about any changes at your bank, please contact one of our advisors who will be happy to help you.

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