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Barclays to cut 7000 more jobs

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.

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%.

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