Barclays set to cut up to 3,000 jobs

BARCLAYS, Britain’s second-largest bank by assets, is eliminating about 3,000 jobs this year as second-quarter investment banking profit fell by more than 25%.

The bank has already cut 1,400 of the positions this year, chief executive Robert Diamond told reporters after Barclays Capital reported a 27% decline in pretax profit to £1.42 billion (€1.63bn) in the three months to June 30.

The total reduction in employee numbers in 2011 will be of the “magnitude” of 3,000, Diamond said.