LONDON, Feb. 12 (Xinhua) -- Barclays on Tuesday announced 3,700 job cuts this year amid plans to reduce costs by 1.7 billion pounds by 2015.
Of the job cuts, 1,800 will come from its corporate and investment bank, with the vast majority in Asia, and 1,900 will come from its European retail and business banking.
The job cuts are expected to generate a restructuring charge of nearly 500 million pounds in the first quarter of 2013.
The London-headquartered bank made a pre-tax profit of 246 million pounds for 2012, compared with 5.9 billion pounds for 2011.
The bank set aside 1.6 billion pounds to compensate customers for the mis-sold payment protection insurance (PPI) and 850 million pounds for mis-sold interest rate hedging products.
It also paid 450 million pounds of fines for attempting to manipulate Libor inter-bank interest after the scandal broke out in mid 2012.
Barclays' average bonus last year fell by 13 percent to 13,300 pounds, while that paid to staff at its investment bank fell 17 percent to 54,100 pounds. (1 pound = 1.56 U.S. dollar)
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