But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.
The bank said on Tuesday that 7,000 of the jobs will go in
It said it paid 2.4 billion pounds (
That helped to lift
Jenkins defended the increases, saying
"We need to recruit people from Singapore to
Earnings miss forecasts
The bank had already released headline results showing its earnings dropped to 5.2 billion pounds (
Profits at the investment bank slumped 37 per cent to 2.5 billion pounds, as income fell 9 per cent on the year to 10.7 billion pounds due largely to a decrease in fixed income.
Its leverage ratio improved to just under 3 per cent by the end of the year from 2.2 per cent at the end of June. The
The bank said it remained committed to paying out 40-50 per cent of its adjusted earnings in dividends.
It said it would aim to cut at least another 63 billion pounds to get the balance sheet below 1.3 trillion pounds, based on the
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