UK's second-largest lender, Barclays has said that it is planning to cut a total of 3,700 jobs in order to turn around the business after it reported falling profits.

Antony Jenkins, the new chief executive officer of the tainted bank, said that the bank is planning to cut 1,900 workers in its European retail and business arm and another 1,800 employees from its casino investment division. He said that Barclays is aiming to reduce spending by £1.7 billion.

He is also planning to close down the Structured Capital Markets tax advisory division, which was involved in the industrial-scale tax avoidance. The bank has said that it has parted ways with 1,600 investment bankers within this year.

Jenkins was appointed as the new chief of the bank in in August, 2012. Robert Diamond had resigned from his post as the CEO at Barclays after the authorities announced an investigation into the interest rigging scandal involving the firm and several others. Barclays has lost three top executives, $5 billion of market value and is facing a government inquiry in the case. The bank faced a fine of a record 290 million pounds in the case involving rigging of Libor inter-bank interest rate.

At the time of taking over the bank, Jenkins had said that he will change the culture of the bank, which was recently found to be involved in scandals linking to rigging of interest rates and misspelling.