Barclays will shed 3,000 jobs by the end of 2011, Reuters reports. The move is a part of cost reduction following a 33% decline in pretax profit, amounting to £2.6 billion for the first half.
The layoffs will amount to almost 2% of the U.K. bank’s total headcount of 146,100. Barclays has already cut 1,400 jobs in the first six months of the year. The bank is aspiring to reduce annual costs by £1 billion.
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