Barclays to cut at least 3,700 in major restructuring; promises more transparency

Barclays PLC has announced plans to cut at least 3,700 jobs in a major restructuring that follows a scandal-hit year for the U.K. bank.

The bank said Tuesday it will cut at least 1,800 positions in the Corporate and Investment Bank unit and 1,900 retail and business banking positions outside the U.K.

The bank also promised a change to culture after revelations that it had fixed key interbank interest rates and mis-sold various products, including loan protection insurance. Top executives, including CEO Bob Diamond, were forced to quit as a result of the scandal.

Barclays recorded a loss of 236 million pounds ($368 million) for 2012 against a net profit of 3.9 billion pounds for 2011. It made 2.45 billion pounds in provisions for compensating clients for the mis-sold products.