Glowing sign outside branch of Barclays
Media playback is unsupported on your device
Video

Barclays announces 3,700 job cuts

Barclays announces profits of £246m after deductions, and says it will cut 3,700 jobs following a strategic review, in an effort to reduce its costs by £1.7bn.

Barclays has said it will cut 3,700 jobs following a strategic review, as it aims to reduce costs by £1.7bn,

Almost half of those job losses will come at its investment bank.

The bank announced a pre-tax profit of £7.5bn, but after setting aside aside compensation for mis-sold products and a loss on the value of its own debt that figure plunged to £246m.

Hugh Pym reports.