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Barclays announces 3,700 job losses

Barclays has today announced 3,700 jobs are to go following a strategic review of the company.

The banking group aims to cut £1.7 billion in annual costs by 2015 to improve standards.

Barclays corporate and investment banking will lose 1,800 employees, and in Europe retail and business banking it will lose 1,900.

Barclays' staff bonus pool for 2012 was down 16%, with staff at its investment bank getting an average of £54,100 and other employees receiving £13,300.

Antony Jenkins, Barclays chief executive, said in the strategic review that he wanted Barclays to be the "go-to" bank for all its stakeholders. He said the plans outlined today are "critical to delivering that goal".

Jenkins added: "We have today set out a new course for the future of Barclays. I am extremely proud of the way our 140,000 staff have overcome the difficulties of the past year and shown the resilience necessary to deliver the results we announced this morning.

"It gives me great confidence in our ability to deliver our goal and from today I am determined that no-one should be able to question our intent or our commitment to the path that I have set out."