Media playback is unsupported on your device

Chancellor describes Barclays job losses as 'regrettable'

8 May 2014 Last updated at 14:20 BST

The Chancellor George Osborne says it is "regrettable" that Barclays is cutting 7,000 jobs in the UK.

It is part of a major overhaul, largely in its investment business, that will see 19,000 jobs being lost around the world.

Management says the move is necessary to "rebalance" the operation after the banking crisis.

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.