Barclays said today it spent £514m in the first quarter to start shutting down businesses as part of its strategic revamp, denting profits but putting it on "the right" path.

Barclays posted a £839m net profit, compared with a £598m net loss in the first quarter of 2012. Both figures are distorted by accounting charges that reflect the market cost of Barclays' own debt. Pre-tax profit was £1.79bn, down 25% from £2.4bn from the comparable quarter and inline with analyst expectations.