Barclays have announced 3,700 job cuts amidst plans to reduce spending by £1.7bn.

1,800 of these jobs will be cut from the corporate and investment bank whilst 1,900 will be cut from the European retail and business banking sector. Barclays argued that 1,600 jobs have already been cut in the investment banking business since the start of 2013.

Despite the redundancies, the bank would still pay £1.85bn in bonuses to staff and payments in its investment bank were, on average, £54,100.

Barclays reported a pre-tax profit of £7.048bn over the past year, a 26% rise over 2011.