Barclays has announced it will reduce the number of its employees by 3,700 this year.
This includes 1,800 employees from the corporate and investment banking division and 1,900 in the European retail and business banking division.
The group hopes to reduce costs by £500m as a result of the cuts.
The changes are part of a strategic plan to make Barclays the 'Go-To' bank following scandal last year regarding Libor manipulation. It hopes to fully deliver this by 2015.
This would involve focus on geographic markets and sectors where Barclays has scale and competitive advantage, restructuring of Barclays European to focus on mass affluent sector and closure of structured capital markets units.
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Antony Jenkins, group chief executive, said: "Our plan is built on rigorous review of 75 distinct business units to determine not only their ability to generate an appropriate and sustainable return on equity, but also their strategic attractiveness including their impact on Barclays reputation."
In the firm's 2012 results released today, it reported profits fell from £5.8bn in 2011 to £246m in 2012 due to a credit charge of £4.5bn, £1bn for PPI redress and £850m for redress on interest rate hedging products.
In the investment banking sector, profits were up by 37 per cent from £2.9bn to £4bn while total investment banking income was up by 13 per cent to £11bn.

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