Barclays to cut 14,000 jobs as investment bank shrinks

Barclays is to cut up to 14,000 jobs this year as part of a new strategy, the company has announced.

The number is higher than the 10,000 to 12,000 jobs that the bank said earlier this year that it wanted to cut.

The investment bank, which has been hit by a slowdown in the demand for government and company debt, will lose about 7,000 jobs by 2016.

Barclays will also set up a "bad bank" which will eventually sell or run down non-core operations.
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