Orchestrated by its CEO Antony Jenkins, the overhaul strategy with a total proposed budget of £2.7bn will continue until the end of 2015.
As per the initial planning, the lender will invest nearly £1.4bn for retail banking renovation, approximately £600m in the revamp of investment banking business.
A further £400m will be spent for the modernization of wealth management unit, while the remaining £300m has been allocated for corporate banking.
Jenkins announced a cost-cutting plan in February 2013, whereby he vowed to reduced the operational expenses by £1.75bn by 2015.
The goal will be achieved through investment in modernization of all banking operations. The London-based lender also said that it will slash nearly 3,700 jobs and trim down costs to nearly 55% of income from 71% in the first quarter of 2013.
In a statement, Barclays said that it expects nearly £800m of cost savings from operations and technology, £700m from the front office and £200m human resources, finance and risk.
Barclays is engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management, trades in more than 50 nations and has a work force of circa 140,000 staff.
