Barclays To Cut 3,700 Jobs As Part Of Its 'Project Transform'

By Steve Slater
and Matt Scuffham

LONDON -- Barclays new chief executive pledged a fresh course for the British lender on Tuesday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.

In an attempt to distance the bank from the aggressive, high-risk culture championed by his predecessor, Antony Jenkins said that Barclays would put ethics above earnings at the bank, which has become a focus for public anger at the excesses of the financial sector.