Mubasher: Barclays suffered losses during 2017, due to the US tax reform programme, whereas it achieved pretax profits.

The bank’s losses reached GBP 1.9 billion in 2017, against GBP 1.6 billion during 2016, according to a report released on Thursday.

Barclays spent GBP 900 million due to the US tax overhaul.

The bank’s net operating profits amounted to GBP 18.7 billion during 2017, compared to GBP 19.1 billion in 2016.

Barclays posted GBP 3.5 billion pretax profits in 2017, compared to GBP 3.2 billion in the prior year.

Analysts expected that the bank’s pretax profits will amount to GBP 4.7 billion.

"2018 will be the first year in five years that this bank begins with a clean operating model," Barclays’ CEO Jes Staley said, according to CNBC.

“The bank has been struggling to shake off issues with its reputation after several years of scandal, the most recent of which centered on allegations of unlawful whistleblower mistreatment in early 2017,” Staley added.

"We still have some legacy issues, but we are very comfortable with the position of the bank," the CEO concluded.