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Job Cuts at Barclays

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In an effort to cut cost, Barclays PLC (ADR) (NYSE:BCS) will terminate 400 positions within their investment banking unit. The British bank is seeking to eliminate about $2.8 billion in annual expenses by next year. The 400 jobs cut announced today are on top of the 3,700 layoffs announced last year. Tougher regulations and falling trading profits are behind the job cuts. Branch closures are also rumored to be a part of the restructuring efforts.