The British lender Barclays said that it would cut up to 12,000 jobs this year, as part of a restructuring program that started last year.
Chief Executive Antony Jenkins confirmed the job losses, saying the bank had already told about half of the staff affected.
“We have to be competitive on pay and we have to pay for performance,” said Jenkins in a statement. “We operate in many countries around the world… we compete for talent in global markets.”
Despite reporting a loss, Barclays increased its pool for bonuses and other incentives.
The layoffs came as Barclays said it had increased the total amount it paid on staff bonuses a year ago.
Around 7,000 of the job losses, which are aimed at cutting costs as the bank continues to reshape its business, will be in the UK.
Barclays said its earnings were hit by the costs of restructuring, including its withdrawal from certain lines of businesses.