LONDON -- Barclays PLC said its credit card division, Barclaycard, will reduce its staff by 400, or 8%, by the middle of next year through voluntary layoffs.

The announcement follows a review of the card company's overhead costs, which began in April. "The review's findings also come at a time of increased competition in the U.K. card market from both British and foreign-owned businesses," the company said.

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