LONDON - Britain's second-largest bank by assets Barclays is to cut 12,000 jobs, the firm's chief executive said on a conference call Tuesday.
Antony Jenkins confirmed the job losses as the bank said it had increased bonus payments by 10% in 2013 to $3.9 billion.
The job losses and bump in payments came on a day when Barclays announced that annual operating profit for 2013 at its key investment banking unit slumped 37% to $4.1 billion.
"We pay for performance and we pay competitively," Jenkins, 52, said in an interview with BBC radio. "It goes back to having the best talent across the world to serve our clients and customers."
Around half of the job losses, which are aimed at cutting costs as the bank continues to reshape its business, will be in Britain.
The company employs about 140,000 people around the world from Singapore to San Francisco.
Shares in Barclays declined around 2% in London-listed trading following the announcement.