Barclays to axe 3,700 jobs as it swings to £1B net loss.

Barclays' (BCS) swung to a far wider-than-expected 2012 net loss of £1.04B from a profit of £3B last year, hurt by charges for compensating customers for mis-sold products, and by the loss of the value of its own debt. However, adjusted pretax profit climbed 26% to £7.05B, in line with consensus. CEO Anthony Jenkins unveiled his "Project Transform" strategy, which includes cutting 3,700 jobs as part of a program to slash £1.7B from Barclays' annual costs by 2015. Shares were +3.8% premarket.