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Barclays to cut jobs as profits fall

Barclays has said it will cut 3,700 jobs this year following a strategic review, including 1,800 jobs at its investment bank and 1,900 in European retail and business banking.

It comes as the bank reported a plunge in pre-tax profit to £246m in 2012, down from £5.9bn a year ago.

Stephanie McGovern has more details.

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