Barclays Capital (Barcap), the investment banking arm of Barclays, has announced it will cut 400 global staff in a bid to cut costs.Around 130 European staff will be made redundant, with the vast majority of those coming from the firm's London branch.Only back-office staff will be affected by the cuts, with no frontline investment bankers set to lose their roles at the company.A spokesman for Barcap claimed the firm is launching a review on operations "which will result in some job losses." He said: "We continue to hire selectively across those parts of the business that are growing,"The cuts come despite the firm posting a 225 per cent increase in profits in their interim report.Barclays recently announced first-half profits had increased by nearly a third following a fall in bad debts and signs of an economic recovery.Posted by Charles BakerCharles is a reputed financial analyst with almost decades of experience under his belt.
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