Barclays to cut 12,000 jobs, pays bigger bonuses

Barclays Plc (BARC.L) expects to axe up to 12,000 jobs this year to cut costs and counter falling income at its investment bank, where profits slumped last year. Chief Executive Anthony Jenkins, who took the helm in 2012 after an interest rate rigging scandal, is pulling Barclays out of some investment banking activities as part of efforts to clean up standards and improve returns. It said it paid 2.4 billion pounds ($3.9 billion) in incentive awards last year after raising bonuses in its investment bank by 13 percent despite the profit decline. That helped to lift Barclays' compensation-to-income ratio to 43.2 percent last year from 40 percent in 2012.

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