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Barclays Cut 3,000 Jobs in Recent Months, Joining European Peers

  • Staley confident of hitting profitability target; shares rise
  • Investment-banking fees outperform rivals in second quarter
Barclays Plc's Headquarters As Bank Settles U.K. Libor Case Ahead Of Trial

Photographer: Chris Ratcliffe/Bloomberg

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Barclays Plc Chief Executive Officer Jes Staley said the bank cut 3,000 jobs in the second quarter as the firm sought to keep a tight grip on expenses and counter criticism over its ability to reach profitability targets.

The London-based bank joined other European lenders who have been eliminating roles in recent months, including HSBC Holdings Plc and Societe Generale SA. Barclays Finance Director Tushar Morzaria told journalists on a call Thursday that the cuts were “not concentrated in a particular area, but across the board,” and in divisions that weren’t generating returns.