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Barclays to streamline investment bank

Barclays is preparing to shake up its investment bank amid shareholder anger over rising costs and falling profits at the division. The bank has come under intense investor pressure to overhaul the investment bank, which employs around 25,000 staff, after it paid out higher bonuses for 2013, despite lower annual profits. Antony Jenkins, Barclays’ chief executive, has already signalled that the bank is looking to streamline the division. Earlier, he had announced plans to slash up to 12,000 jobs this year, including 820 senior managers, half of which will come from the investment bank and be completed within six months. Investors have expressed concerns about the viability of the investment bank, which paid higher bonuses for 2013 despite lower annual profits and a return on average equity which fell to 8.2% last year, from 12.7% in 2012. Barclays increased its staff bonus pool for 2013 by 10% to £2.48 billion.

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