Barclays is to cut 3,700 jobs across the group as part of its strategic review of 75 business units.
The majority of these cuts (1,900) will happen in Europe retail and business banking with 1,800 in corporate and investment banking.
The bank expects this to result in a restructuring charge of close to £500m in Q1 2013 while hoping to reduce the Group’s total cost base by £1.7bn to £16.8bn in 2015.
The group has promised greater disclosure and transparency around its financial performance and said that in the future it will focus solely on activities that support customers and clients in geographic markets and businesses where it has scale and competitive advantage.
The bank aims to restructure Barclays European retail operations to focus on the mass affluent customer segment.
Antony Jenkins, Barclays group chief executive said: "Barclays is changing. We intend to change what Barclays does and how we do it and have set out clear commitments against which our progress can be measured. Our goal is to make Barclays the ‘Go-To’ bank for all our stakeholders. The plan that we set out today is critical to delivering that goal.
Jenkins added: "We expect to make good progress towards our financial commitments by 2014 and deliver them fully during 2015."
Barclays to acquire ING Direct UK
Barclays to launch PFM tool – Barclays Money