Barclays prepares to cut jobs at investment bank arm

Barclays bank said it's cutting jobs at its investment arm in the wake of the Libor rate-rigging scandal. 

Staff were informed that a consultation process has been launched to identify potential cuts at the division employing 9,000 staff. 

A formal announcement is expected next month when the British bank publishes its annual results. 

Last year, Barclays slumped into crisis when it was fined US$470 million by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009. 

The scandal sparked the resignations of three Barclays senior board members, including ex-chief executive Bob Diamond.