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Barclays to cut 2,000 jobs in restructure

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Barclays to cut 2,000 jobs in restructure

Barclays is to cut up to 2,000 jobs in its investment arm as part of a restructure of the bank, according to the Wall Street Journal.

It said the cuts were likely to fall within the bank’s Asia and continental Europe divisions, as the bank looks to protect its US and UK wings.

Chief executive Antony Jenkins has been working on an overhaul of the business, which results set to be unveiled in February. Rich Ricci, who leads the bank’s investment arm, is leading the review of that division.

According to the paper, the recommended job cuts haven’t been endorsed by Jenkins or the Barclays board, and the final number could be affected by Jenkins’ review. It added that some senior executives were pushing for larger cuts.

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