Barclays announces 12,000 job cuts as profits drop

Despite this, the bank also said it had increased the total amount it paid on staff bonuses last year, whilst also revealing that adjusted pre-tax profits fell by 32% to £5.2bn.

Barclays said its profits were affected by a restructuring of the bank last year as well as a number of fines over the sale of various products, as well as for regulation breaches.

At the end of December it was fined £2.3m for poor record keeping by the Financial Industry Regulatory Authority.

Despite chief executive Antony Jenkins refusing his £2.7m bonus, the bank's total bonus pool for 2013 rose by 10% to £2.38bn.

Jenkins said:

"At Barclays, we believe in paying for performance and paying competitively."

"We sometimes have to weigh difficult decisions."

"But I’m confident the decision we have made on compensation is in the long term interests of our shareholders."