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.

Learn all about CFD trading strategies and the FTSE 100 at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.