Barclays said today it will slash thousands of jobs to cut its costs in the next three years as part of a strategy overhaul outlined by chief executive Antony Jenkins.

The bank posted a net loss for 2012 of £1.0bn, after a £3bn net profit in 2011, mainly because of a non-cash charge from the rising value of its own debt. Revenue, net of insurance claims, rose slightly to £29.0bn, from £28.5bn the year before.