Updated From 9:16 a.m ET, with late-morning market action and comment from several analysts.
NEW YORK (TheStreet) -- Barclays (BCS) on Tuesday reported its fourth-quarter results and also said it would lay off 820 middle managers during 2013.
Investors were clearly unhappy with the bank's results, sending American Depositary Receipts of Barclays down 3.8% in late morning trading on the New York Stock Exchange, to $17.52.
Most of the bank's fourth-quarter earnings were wiped out by regulatory fines, legal expenses and costs associated with "Transform," program, which is Barclays' strategic review designed to lower the company's annual expenses by 1.7 billion pounds to 16.8 billion pounds, by 2016.
During the fourth quarter, the bank's adjusted profit before tax was 191 million pounds before tax, down from 1.385 billion pounds in the third quarter and 1.395 billion pounds during the fourth quarter of 2012. Barclays reported a fourth-quarter statutory loss after tax of 514 million pounds, compared to an after-tax statutory profit of 728 million pounds the previous quarter and an after-tax statutory loss of 364 million pounds a year earlier.
For all of 2013, Barclays reported adjusted profit before tax of 5.167 billion pounds, down 32% from 7.599 pounds in 2012. Statutory profit before tax rose to 2.868 billion pounds in 2013 from 797 million pounds in 2012, while statutory profit after tax for 2013 rose to 1.297 billion pounds from 181 million pounds a year earlier.
Excluding non-controlling interests, attributable profit for 2013 was 540 million pounds, compared to a loss of 624 million pounds during 2012.