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Barclays is cutting at least 3,700 jobs as part of its revival plan, with many of those in Europe.

New Chief Executive Antony Jenkins, who is trying to rebuild Barclays’ reputation and boost profitability, is also taking a harder line on pay cutting average bonuses for its investment bankers by seventeen percent from last year.

Jenkins said Barclays would put ethics above earnings: “Barclays is changing. There will be no going back to the old way of doing things. We get it, we are changing the way we do business, we are changing the type of business we do.”

“We must act at all times with good values,” he said at a news conference.

He has halted trading in soft commodities “for speculative purposes” and closed its structured capital markets division, which one British lawmaker last week said advised clients on “industrial scale tax avoidance”.

Annual costs will be slashed by just under two billion euros and the bank’s focus will be on Britain, the US and Africa with a reduction in its presence in continental Europe and Asia.

Around 1,900 of the job cuts are in Barclays’ European retail and business banking divisions, with 1,100 in Spain and 350 in Portugal.

Another 1,800 are in corporate and investment banking. Barclays’ Finance Director Chris Lucas said 1,600 of the investment bank cuts had already been made.

Jenkins said he expects his ‘Project Transform’ plan to take five to 10 years to rebuild Barclays, and he has told staff they should leave if they do not want to sign up to the new standards.

The bank has been dogged by a series of scandals, including rigging Libor interbank lending rates which cost it a 335 million euro fine.

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