Declaring a “new era” for the 277-year-old bank, Antony Jenkins, chief executive of Barclays, admitted it “will take years” to rebuild full trust in the bank but said he was “up to the task.” He acknowledged the overhaul might be unpopular internally but warned that the sharp banking practises of the past would not be tolerated. “If you don’t want to work this way, you can go work somewhere else,” he said on the BBC’s Today programme.

In a separate 103-page full-year results statement, Barclays announced pre-tax profits of £7.048bn – a jump of 26pc from last year. Investment bank profits before tax rose 37pc last year to £4.063bn. Operating costs dropped 3pc to £18.5bn. Core Tier 1 Capital is 10.9pc, marginally lower than last year’s 11pc. Barclays delivered£44bn of gross new lending to UK households and businesses – down slightly from £45bn last year.

Barclays’ stock risen sharply – the shares were the best performers in FTSE 100 in early trading.

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