Barclays to Cut 3,700 Jobs After Full-Year Loss

Barclays Plc will cut 3,700 jobs to reduce annual costs by 1.7 billion pounds ($2.6 billion) as Chief Executive Officer Antony Jenkins revamps the lender following its fine for interest-rate manipulation.

About 1,800 positions will go this year at the firm’s investment bank and 1,900 in its loss-making European consumer and business banking unit, Jenkins said in a statement today. The lender today posted a net loss of 1.04 billion pounds for 2012, its first in two decades, as it set aside an additional 1 billion pounds in the fourth quarter for compensating clients wrongly sold interest-rate swaps and loan-repayment insurance. Analysts had estimated the loss would be 307 million pounds, according to the median estimate of nine surveyed by Bloomberg,