Disgraced British bank Barclays vows new path, lays off 3,700

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The new chief executive of disgraced banking empire Barclays — the third largest bank in Britain — is vowing a return to ethical investments, underscoring his message with the firing of 3,700 employees.

Barclays is changing,” said CEO Antony Jenkins, in a Reuters report. “There will be no going back to the old way of doing things. … I understand why there is cynicism and skepticism out there given the track record of banks in the past.”

Mr. Jenkins’ plan, called “Project Transform,” calls for an immediate halt to speculative trading in soft commodities, Reuters reports. The CEO also cut pay for investment bankers by an average 17 percent, the report continued.

Investors welcomed the reforms, which include a business focus on Britain, the United States and Africa, and a scaled-back presence in Europe and Asia, Reuters reported.

Barclays has been scrambling to bounce-back from a lengthy investigation involving Libor rate manipulations. The bank just paid a $450 million fine for its role in manipulating interest rates in June 2012.

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