Barclays to axe at least 3,700 jobs

Scandal-hit banking giant Barclays has said it was axing at least 3,700 jobs under a strategic overhaul, but revealed it was paying £1.85 billion in bonuses to staff.

Chief executive Antony Jenkins is shutting the bank's controversial Structured Capital Markets tax advisory division and said 1,800 jobs would go in corporate and investment banking and another 1,900 across its European retail and business arm as part of a plan to slash costs by £1.7 billion. All of the 1,900 retail job cuts involve the bank's European arm, with redundancies across Spain, Italy, Portugal and France.
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