Barclays is to cut 7,000 jobs from its investment banking division by 2016 as part of a strategy review.

The bank has already announced job losses across the group of 12,000 for this year, but this has been increased to 14,000 as a result of the investment bank changes announced today.

It brings the total cuts by 2016 to 19,000.

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It comes two days after Barclays announced that first quarter earnings from the division fell by half, meaning profits at the group slid by 5%.