Barclays to Cut 3,700 Jobs

LONDON—Barclays on Tuesday said it would slash several thousand jobs as part of a three-year effort to rebuild the bank's tattered reputation and ready it for a tougher regulatory environment.

Under Chief Executive Antony Jenkins' new plan for the lender, around 3,700 jobs will go, mostly in its investment bank, as it aims to slice around 9% from its £18.5 billion cost base by 2015.

Barclays will focus future investment on its U.K., U.S. and African operations. Meanwhile, the bank's loss-making European retail operations will prioritize targeting wealthy customers. The bank's powerful investment bank, which historically has accounted for more than half of profits, will be "repositioned" in Europe and Asia, where the division has less traction with clients than in the U.K. and U.S. Some 1,600 jobs have already been cut, mostly in Barclays European and Asian equities teams.

Since his arrival in August, following a management clear-out sparked by allegations of rate rigging, Mr. Jenkins has pledged to rebuild a bank with a lower risk appetite and better relations with regulators.