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Barclays to announce huge cost cuts

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Barclays to announce huge cost cuts
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British bank Barclays is reportedly to cut 2,000 jobs from its investment banking business.

New boss Antony Jenkins is set to unveil plans to slash annual costs by at least 2.3 billion euros as he delivers his first set of annual results as chief executive on Tuesday.

The Financial Times reported there would be reductions in investment banking in Asia, and in retail and commercial banking in parts of Europe.

Barclays is also expected to shut one of its most profitable units that advises multinational companies on lowering their tax obligations.

The Structured Capital Markets division was the subject of public anger after it emerged it was saving firms millions off their tax bills.