BARCLAYS says it is too soon to say what impact its latest round of job cuts could have locally.

The bank, which employs more than 1,000 people at Barclays House in Poole, revealed it would cut 7,000 jobs from its investment banking division by 2016.

It had already announced 12,000 job losses across the group for this year, but that figure has been increased as a result of the investment bank changes – bringing the total cuts by 2016 to 19,000.

The announcement came two days after Barclays announced that first quarter earnings from the division fell by half, meaning profits at the group slid by five per cent.

About a third of the investment bank job cuts – more than 2,000 – will be in the UK.

The strategy review, described by chief executive Antony Jenkins as a ''bold simplification'' of Barclays, will also see it hive off its European retail banking business into a so-called ''bad bank'', comprising £115 billion of ''non-core'' assets.

A spokesperson for Barclays in the South West said: “It’s too soon to say what impact there will be in the region or locally.”