Some 220 managing directors and 600 directors will lose their jobs within the next month at Barclays Bank, a spokesman said today in London.

He confirmed speculations that Barclays is shedding as many as 10,000 to 12,000 jobs this year as it tries to reduce costs after a slump in profits. The British-based bank said fourth quarter earnings before tax fell 86%, dragged down by a loss of £329 million in investment banking.

The spokesman said that of the jobs to go in 2014, about 7,000 would be in the U.K. Barclays (BCS) has about 140,000 employees worldwide.

Barclays is 12 months into a major overhaul initiated by CEO Antony Jenkins to repair the bank’s finances, restore its reputation following a series of scandals, and withdraw from some businesses.