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Barclays to cut 3,700 jobs as part of “Project Transform”


A link from Reuters

The British bank today posted a pre-tax profit of £246 million ($385 million) for last year, a significant decline from 2011’s £5.9 billion and announced staff cuts. CEO Antony Jenkins said the bank will reduce costs by £1.7 annually by 2015 as it restructures after a difficult 2012. The bank has been under fire for rigging benchmark interest rates, mis-selling financial products, and most recently, possibly murky relationships with Qatari investment vehicles. Antony has dubbed the restructuring his “Project Transform” to rebuild Barclays, which he says will take five to 10 years.

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