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Barclays has announced 3,700 job losses and £1.7bn cost cuts as part of Project Transform, a radical bid to restore the bank's tattered reputation.
In a Strategic Review, the bank says the changes will be an attempt to make a clean break with the past. The review says: "The behaviours which made headlines during the year stemmed from a period of 20 years in banking in which the sector became too aggressive, too focused on the short-term, and too disconnected from the needs of customers and clients, and wider society."
It adds: "Barclays is changing."
Barclays Chief Executive Antony Jenkins said that "Barclays had got things wrong in the past" and that the changes were "to create shareholder value."
