BARCLAYS announced thousands more job cuts this morning as it unveiled plans for a new "bad bank" to house much of its investment bank and continental European retail operations.
The bank announced in February that it would cut up to 12,000 jobs and is now looking to shed a further 7,000 investment banking jobs by the end of 2016. This includes nearly a third of the investment banking arm, which employs 24,000 people around the world, mainly in London and New York.
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