Barclays cuts jobs and stands by bonuses

Barclays plans to cut between 10,000 and 12,000 jobs this year, including 7,000 in the UK.

The bank, which has 140,000 staff in total, said it had already told about half of the staff affected.

The cuts came as Barclays said it had increased the total amount it paid on staff bonuses last year.

The bank's total bonus pool for 2013 rose by 10% to £2.38bn, from £2.17bn in 2012, with the investment bank's bonus pool increasing by 13%.

It's Chief Executive Anthony Jenkins tells the BBC Business Editor, Robert Peston why investment banking is important to Britain and his bank.