Odey favourite Barclays jumps 9% on £1.7bn cost-cutting drive

Barclays shares rose almost 9% on Tuesday and ended the day up more than 7%, buoyed by news of a £1.7bn cost-cutting plan, announced in its strategic review.

Shares in the bank leapt after it announced it will cut 3,700 jobs this year following a strategic review, as pre-tax profits plunge due to mis-selling claims. The cuts will include 1,800 jobs at its investment bank and 1,900 in European retail and business banking. Barclays currently employs 140,000 staff. It said the job cuts will result in a restructuring charge of close to £500m in the first quarter of 2013. The cutbacks are aimed at reducing costs by £1.7bn a year by 2015. Announcing the plans alongside its annual results, Barclays reported a steep drop in pre-tax profit, down fr...