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Redundancies at Barclays Bank

The news today reports that Barclays Bank have ‘taken the axe’ to its controversial investment banking division, and have said it would sack thousands of highly-paid bankers.

A total of 7,000 jobs will apparently go in its investment division, including more than 2,000 in the UK, which “marks the end of an era for the high-stakes casino banking which defined the financial crisis”.

It is reported that plan will cut a total of 19,000 jobs around the world by 2016, including the demise of its European chain of high street banks in Portugal, Spain, Italy and France.

This dramatic shake-up comes after the Banks profits fell earlier this year – at the same time it came under fire for raising bonuses by 10 per cent.