NEW YORK (TheStreet) -- Shares of Barclays Plc (BCS) are up 5.75% to $17.46 in pre-market trade after the bank said it would slash its investment bank nearly in half and exit retail-banking businesses in western Europe, the Wall Street Journal reports.
The bank said it would cut 7,000 jobs at its investment bank by 2016. The unit will represent no more than 30% of the group's risk-adjusted assets, down from just over 50%.
Barclays said it would cut 19,000 jobs across all the bank's divisions over the next three years, and create a "bad bank" division consisting of $195 billion risk-weighted assets, which will include all its European retail-banking assets and some parts of the investment bank, the Journal said.
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