London-based Barclays Plc said it would be spending an estimated GBP 1.4 billion or USD 2.4 billion to overhaul its retail bank. The revamp was expected to last until 2015. In a statement, Barclays said the funds would be divided among its investment, wealth and corporate units. More than GBP 300 million would be spent to develop its corporate bank, about GBP 600 million would be spent to overhaul the lender's investment bank and another GBP 400 million would be allocated for its wealth unit.

Barclays Chief Executive Officer Antony Jenkins announced his "Transform" plan in February. The plan was expected to cut the lender's operating costs by GBP 1.7 billion, thus enabling it to revive profits. The program would allow Barclays to save GBP 800 million from operations and technology. Another GBP 700 million would also be saved from front office operations. Still another GBP 200 million savings would be produced from human resources, risk and finance operations.