February 13, 2013 in Business

Barclays will cut 3,700 jobs

 

NEW YORK – Tarnished by its role in a global interest-rate-rigging scandal, the British investment bank Barclays is trying to regain the public’s trust.

Antony Jenkins, who took over as Barclays’ chief executive last year after the scandal forced out the bank’s top leadership, declared Tuesday: “There will be no going back to the old way of doing things.”

Jenkins, in a speech, added: “We never want to be in a position again of rewarding people for activity that is inconsistent with our values.”

Barclays on Tuesday announced that it would lay off at least 3,700 employees this year as part of a broad restructuring.

Since Barclays agreed last year to pay $450 million to settle U.S. and British investigations into allegations that it, along with banks, colluded to manipulate the benchmark London Interbank Offered Rate, or Libor, Jenkins has sought to regain trust from the public and investors.


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