Barclays chief signals more job losses despite profit rise

Barclays boss John McFarlane has signalled more job cuts to come at the bank as he set out plans to ramp up earnings growth and squeeze costs after half-year profits jumped by 25% but returns for shareholders remained low.

The executive chairman would not confirm reports that 30,000 jobs at the bank are to go but admitted that its new strategy of slimming down its international presence and streamlining executive decision-making would take its toll on numbers.