Barclays endured a 25% fall in first quarter profits as £514m of restructuring costs weighed heavily.
The bank reported an adjusted pre-tax profit for the three months to March of £1.79bn, down from £2.4bn a year ago, just below analysts' expectations.
The investment bank made a profit of £1.3bn in the first quarter, up 11%, and accounted for almost three-quarters of group profit.
Barclays said group profits were dented by the charge to cover Project Transform - new CEO Antony Jenkins' plan to axe 3,700 jobs, prune the investment bank and reform the bank's culture after a series of scandals.
Investment bank chief Rich Ricci is the best-rewarded at Barclays He is aiming to make the lender the 'Go-To' bank on the high street following the PPI and interest rate swap scandals and Libor interbank lending rate-rigging.
Mr Jenkins confirmed an additional £500m in restructuring costs were expected to be found over the remainder of the year.
He said: "While there remains much to do to build a stronger and more resilient Barclays, we are completely focused on executing our Transform programme and are making good early progress."
Most of the costs incurred so far were in its European operations, where it has cut almost 2,000 jobs, and the investment bank, where it is axing 1,800.
The bank last week announced a fresh shake-up of its senior staff, including the departure of its head of investment banking, in the wake of last year's Libor scandal.
Rich Ricci and Tom Kalaris, who runs its wealth-management arm and US business, were both appointed by former boss Bob Diamond.
Under their watch, the Libor system was found to have been open to abuse, with some traders lying about borrowing costs to boost trading positions or make the bank seem more secure.
Barclays was later fined £290m by regulators for manipulating the rate.
Mr Ricci - Barclays' best-paid banker - recently revived the debate about remuneration in the sector when it was confirmed he was getting a £17m share payout under the terms of his contract.
It was part of a £40m windfall to be shared between nine executives.
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