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More on Barclays, where analysts reckon new cost-cutting measures to deliver the targeted annual savings of £2 billion could result in 17,000 job losses.
Analysts at research house Third Bridge estimate a 20% reduction in headcount would be required to achieve the figure being touted. The high street lender currently employs around 85,000 people.
Barclays shares were up almost 7% earlier but are now just under 5% higher at 156.34p.
The FTSE meanwhile has pared losses, now almost back above water as it looks to add a sixth positive session in a row, which would take it close to the highest levels seen in the year to date.
China housing market boost falls flat
There's more analysis coming in about the rate cut from the People's Bank of China, which is looking to provide a boost to the country's housing market and wider economy after a disappointing year.
The central bank cut a key lending rate, the five-year loan prime rate by 25 basis points, to 3.95%, more than the 15 basis points expected, and the first reduction since last summer.
"On its own it will not revive new home sales," said Julian Evans-Pritchard at Capital Economics. "But coupled with efforts to provide increased credit support to developers, today’s cut should help to reduce pressure on the property sector somewhat.
"The bigger picture though is that the PBOC remains reluctant to embrace the sizeable and broad-based rate cuts needed to drive a strong acceleration in credit growth and therefore economic activity."
Susannah Streeter, head of money and markets, Hargreaves Lansdown (LON:HRGV): "The fragility of China’s economy is weighing on minds as the country remains mired in a real estate slump with the latest attempt to stimulate demand highlighting the depths of the problems."
But she said the sharper-than-expected cut does not seem to have shored up confidence much yet, with the real estate market having been a key driver for the economy over the past decade or two, firing up the mining sector worldwide.
"It’s concentrated minds on the collision of concerns about the economy, from real estate debts to deflation to falling foreign investment. Iron ore prices are trading around three-month lows, as hopes that demand for steel could rebound have ebbed away. Asian stocks dipped back again as worries continued about the economy, setting the scene for a lacklustre start to trading for the FTSE 100, with investors also mindful that high interest rates may be sticking around for longer in the United States."
FTSE opens in the red
The FTSE 100 has opened on the back foot, with a big jump for Barclays offset by falls for the mining heavyweights.
In opening trades, the blue-chip index slipped almost 20 points lower, or 0.25% to 7708.9.
Anglo American (JO:AGLJ) led the fallers, down 3.3%, as it announced potential jobs cuts at its iron ore unit and sector peer BHP lowered its dividend.
Fresnillo (LON:FRES), Glencore (LON:GLEN) and Rio Tinto (LON:RIO) were also among the major fallers, with the sector underperforming for a second day as metal prices declined following the reopening of the Chinese markets.
Barclays PLC leapt over 5% to top the leaderboard as investors lapped up plans for bumper returns in the coming years.
This update was "something of a curate’s egg," said Richard Hunter, head of markets at Interactive Investor, "hindered by a weak final quarter but at the same time a fresh strategic update has laid the groundwork for some rather more ambitious and profitable results over the next three years".
The numbers are dragged lower by a cumulative £1 billion of "structural cost actions", he noted, which the bank has taken to streamline activities across people, infrastructure and property.
Elsewhere, investors do not seem sure about what to make about results from Intercontinental Hotels Group PLC (LON:IHG), which hiked its dividend 10%, launched a new $800 million share buyback programme and set out plans to expand margins.
The Holiday Inn owner reported a return to stronger travel demand, with revenue per available room up 16% from 2023 and 11% higher than the 2019 peak, enabling operating profits to rise 23% to just over $1 billion.
New boss Elie Maalouf said he plans to expand fee margins in 2024, through a mix of cost-cutting and revenue growth.