Barclays to cut hundreds of investment banking jobs .
Barclays chief executive Antony Jenkins is looking to revamp Barclays' corporate culture
Barclays
plans to cut hundreds of jobs in its investment banking division as
part of a restructuring, it has confirmed to the BBC.
The job cuts come on top of 3,700 layoffs announced early last year.Chief executive Antony Jenkins is also expected to unveil new five-year financial targets next month.
He has been looking to improve profitability in the face of falling trading revenues and tougher regulations.
Mr Jenkins, who took over from Bob Diamond following the Libor rate scandal, plans to cut £1.7bn ($2.8bn) from annual expenses by next year.
The bank is also considering closing branches to reflect the fact that more customers are now accessing financial services online and via mobile devices.
In November, the bank announced a pilot project to close four UK branches and move staff and banking services to nearby Asda stores.
Bank branches in supermarkets are common the US.
The London-based bank is also restricting international travel to "essential" external meetings, in an attempt to control expenses.
Banking cuts Barclays' investment banking division employs about 25,000 of the bank's 140,000 global employees.
Up to 400 senior managers, mostly in London and New York, are expected to be made redundant.
Last year, Barclays announced 1,800 job cuts in corporate and investment banking and 1,900 in its European retail and business banking.
Many major banks have been undergoing structural shake-ups due to the impact of the weak global economy and changing regulatory environment.
Earlier this week, Lloyds Banking Group said it would terminate 1,080 jobs as part of a business overhaul announced in 2011.
Co-operative Bank also announced that it would shrink its branch network following a recent £1.5bn capital-raising exercise.
The firm has since ended speculative trading in certain asset classes and reduced its investment banking pay.
During the earnings release next month, Mr Jenkins is expected to also lay out several objectives aimed at improving the bank's reputation.
This includes ways to restore public trust and increasing the number of woman in senior positions.
Barclays is scheduled to release its annual results on 11 February.
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