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Barclays To Cut 3,000 Jobs In 2011

Barclays will shed 3,000 jobs by the end of 2011.

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.

Click here for the story from Reuters.

Click here for additional coverage from Bloomberg.

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