August 2, 2011 10:23 AM ET
LONDON (Reuters) - Barclays is set to cut about 3,000 jobs this year to reduce costs and expects financial markets to stay tough after a drop in bond trading and an insurance mis-selling charge cut first-half profit by a third.
The British bank's performance was more resilient than rivals, however, as bad debts tumbled and it kept costs steady.
"It's better on costs and impairments, and within the revenue line BarCap had a relatively strong quarter compared to its peer group," said Mike Trippitt, analyst at Oriel Securities. "It has been a savage market out there."
Chief Executive Bob Diamond, the American who built investment banking unit BarCap into a debt market powerhouse over the previous decade, said Barclays had cut 1,400 jobs during the first half and the tally was likely to rise to about 3,000 by the end of the year.