Shares of Barclays (NYSE:BCS) surged more than 7% in Tuesday morning trading after the bank announced it would reduce its workforce by a minimum of 3,700 workers.
The job losses, part of the British bank’s latest restructuring plan, will be split between its overseas retail and business banking units, which will see 1,900 positions eliminated, and its Corporate and Investment Bank operations, which will lose 1,800 employees, the Associated Press notes.
Barclays posted an annual loss of $368 million last year, compared to a profit of more than $6 billion in the prior year.
Last year, Barclays incurred the wrath of British and American regulators for its participation in a scheme to manipulate the London Interbank Offer Rate (LIBOR). The scandal resulted in the resignation of its CEO Bob Diamond and Chairman Marcus Agius. Barclays was ultimately hit with $453 million in fines.
In December, reports said the bank would cut up to 2,000 jobs at its European and Asian investment banking operations.