Barclays PLC (NYSE:BCS) (LON:BARC) will cut 8 percent of its total workforce in the investment banking division, or 1,800 jobs, to lower its exposure to risky trading activities. Another 1,900 employees will be fired from its European retail and business banking division. In total, the job cuts represent about 3 percent of the bank's global employee strength. Mr. Jenkins, who earlier headed consumer banking business of Barclays, said the bank has reviewed all the 75 business units on the basis of their profitability and impact on the bank's reputation. Barclays PLC (NYSE:BCS) (LON:BARC) also announced plans to cut annual costs by £1.7 billion ($2.7 billion) to £16.8 billion by 2015. Jenkins is expected to outline his restructuring plan to analysts today. He has to prove that he can change the company culture, and win the trust of customers after widespread public anger. For 2012, the bank will pay 6.5 pence a share in dividends, up from 6 pence in 2011.