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. Last Updated: 07/27/2016

Barclays to Cut 6,000 Jobs in Britain

LONDON -- British banking group Barclays PLC said Thursday that it was cutting 6,000 jobs in Britain this year as it fights to stay competitive in a business transformed by technology and globalization.

Barclays shares, outperformers this year, shot nearly 4 percent higher to pounds 18.80 and analysts said the news was set to trigger investment upgrades on the stock and across the sector as the economic outlook improved.

Barclays, one of Britain's four main clearing banks, said the cost of laying off around one in 10 of its British work force would lead to a restructuring charge of up to pounds 400 million ($648 million) in 1999.

Apparently clearing the decks before the appointment of a new chief executive, Barclays chairman and acting chief executive Peter Middleton said a third of an expected annual pounds 200 million saving from the cuts would come through this year.