Barclays' bottom line was hit in part by a 901 million pound ($1.26 billion) writedown in the fourth quarter related to the new USA tax law.
Barclays' attributable loss compares with a £1.6 billion profit over the course of 2016. The group's pre-tax profit, however, rose by 10 percent to £3.54 billion in 2017, and customer deposits increased 2 percent to £193.4 billion.
Investors, however, were cheered by the news that the dividend payout to shareholders - which Barclays had cut by more than half two years ago - would go back up to 6.5p in 2018. As a result, it saw costs fall by 5% a year ago. The bank also separately disclosed Thursday, its discretionary awards for investment bankers and traders fell slightly to 864 million pounds.
He added: "We have already started to see some of the benefits of our work in 2017".
The results come after Mr Staley recently completed a group-wide restructure, having overseen a mammoth programme to offload non-core businesses in a bid to focus on core United Kingdom and U.S. operations.
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Barclays shares were up 5.8% in early trading.
"In addition, the group has re-iterated all of its medium-term financial targets albeit noting that the percentage group effective tax rate will be lower than previously guided as a result of the impact if United States tax reform".
Neil Wilson at ETX Capital highlighted the issues that remain: "Staley's future remains a doubt - the FCA investigation over the whistleblowing case is due soon".
He also noted Barclays grew its mortgage portfolio and saw total credit impairment charges and other provisions down 13%, but that trading revenues at the CIB suffered a poor fourth quarter like all the big banks, though it looked as though Barclays did a bit better than its USA peers.
In particular, he mentioned an encouraging performance for the bank's markets unit, which sells and trades shares, debt and other financial products.