Barclays to cut 12,000 jobs as earnings drop

[LONDON] Barclays Plc expects to axe up to 12,000 jobs this year to cut costs and counter falling income at its investment bank, where profits slumped last year. But it is also paying staff higher bonuses, risking a backlash from politicians and taxpayers who bailed out much of the industry during the financial crisis.

The bank said y…