Barclays pulls up FTSE 100 on job cuts news

<p>Shares in Barclays have jumped on the FTSE 100 after the bank announced job cuts.</p>

Shares in Barclays have climbed on the benchmark FTSE 100 index this morning (February 12th), after the bank announced it will be slashing 3,700 jobs.

Almost half of the positions that will be cut will come from the financier's investment banking arm.

The cuts follow the publication of a review the lender hopes will reduce its costs by £1.7 billion annually as the institution reported a plunge in pre-tax profits to £246 million in 2012.

This is down from the £5.9 billion reported a year ago after Barclays had to set aside considerable compensation funding to compensate those mis-sold products such as payment protection insurance (PPI).

In addition to the PPI mis-selling debacle, the bank's involvement in the manipulation of the London Inter-bank Offered Rate has damaged its reputation.

Barclays boss Antony Jenkins told BBC News: "It will take years before people change their impression of us."

At 09:50 GMT, shares in Barclays rose by 4.1 per cent to 313.90p per unit.

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