Barclays boss Antony Jenkins said he was "shredding" the legacy left by his predecessor Bob Diamond as he confirmed bonuses will be slashed.
In a tense hearing with the Parliamentary Commission on Banking Standards, Jenkins told MPs he was taking action to address the "aggressive" and "self-serving" culture under Diamond.
He said the bonus pool for 2012 had already been "substantially" reduced following a scandal-hit year, in which the bank's reputation battered by the Libor rate-rigging affair.
The group is expected to reveal its 2012 bonus pool in the company's annual results next Tuesday.
– Barclays statement
"The main review and redress exercise will commence shortly and the appropriate provision level will be kept under ongoing review as it progresses."
Barclays' provisions for the mis-selling of interest rate swap products has almost doubled, according to figures announced today.
Barclays will increase its provision in the area by £400 million to £850 million.
The hike follows the City watchdog's study into products sold to small and medium-sized businesses.
The extra £1 billion set aside by Barclays for mis-selling of products comprises £600 million for PPI compensation and £400 million for interest rate swaps for small businesses.
Barclays is to increase provisions to provide compensation for the mis-selling of payment protection insurance and interest rate swap products sold to small and medium-sized businesses by another £1 billion.