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Barclays scaling down Africa operation

Posted online March 1, 2016 | 12:36 pm

Barclays is cutting costs after posting an annual loss of $550 million.

The bank announced plans to scale back heavily in Africa.

The decision would reduce headcount by over 40,000 during the next two to three years.

Barclays will also exit its banking businesses in Egypt and Zimbabwe, which are operated separately.

Read more from CNNMoney.

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