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Barclays shares jump on cuts

Investor's Business Daily

Shares of Britain's 3rd largest bank jumped 9.1% to 20.5 after CEO Antony Jenkins said he will shut about 340 offices, cut 3,700 jobs and trim investment banking business in Europe and Asia amid a broad restructuring. Barclays (BCS) was hit with a $450 mil fine last June for rigging Libor, the benchmark interest rate tied to trillions in investment transactions globally. Jenkins, who took the reins as CEO last Aug., also cut bonuses and raised the company's dividend 8% to 10 cents a share.