Barclays announced a series of strategic moves aimed at revitalizing its financial performance and shareholder returns after reporting a 6% fall in annual profit and a fourth-quarter net loss. The bank unveiled a comprehensive overhaul plan, including a £10 billion return to shareholders and a £1 billion share buyback initiative. CEO Venkatakrishnan outlined a major cost-cutting drive, targeting over 12% returns in the coming years, which involves reducing headcount by around 5,000 roles in 2023 and cutting costs by approximately £2 billion across various segments by 2026, including £700 million each from Barclays UK and the investment bank. The bank's focus will pivot towards growing retail and business lending in the U.K., with Barclays expressing confidence in the U.K.'s economic resilience post-Brexit and Covid. Following the announcement, Barclays shares rose by 5%, and pre-market trading saw increases of 7.9% and 9.2%, reflecting positive investor sentiment towards the bank's strategic direction.
Barclays spent four hours unveiling its three-year plans for shedding costs and boosting revenue. At the end of the day, investors really only cared about one thing: capital returns. https://t.co/o788RvheNS
Barclays spent four hours unveiling its three-year plans for shedding costs and boosting revenue. At the end of the day, investors really only cared about one thing: capital returns. https://t.co/x8rntQEdME
#Barclays has made bold promises on payouts profitability over the next three years. These are driven by revenue growth that relies on riskier consumer lending and <sighs> more cross-selling in the investment bank! https://t.co/q1uQkqm0Gc via @opinion https://t.co/lJp9IgBOTO
Barclays restructuring edition https://t.co/4muR0lDJDy https://t.co/nCy99qgzIB
$BCS (+9.2% pre) Barclays posts Q4 net loss, announces £1 billion share buyback; updates FY24 outlook - SA' https://t.co/uITYe6Y9AH
$BCS (+7.9% pre) Barclays jumps 5% after announcing major strategic overhaul https://t.co/0xtKCSxfpt
Barclays plots £2billion cost-cutting overhaul following drop in profits https://t.co/cDbEGkTb33 #barclays
Barclays shares rose around 5% after the bank slashed costs and said it would pivot toward growing retail and business lending in the U.K. https://t.co/7HIIAv3uMG https://t.co/7HIIAv3uMG
✂️ ( $BARC ) - BARCLAYS TO CUT AROUND 700 MILLION POUNDS IN COSTS FROM BARCLAYS UK, 700 MILLION FROM INVESTMENT BANK - ALL BY 2026
"We are very, very bullish on UK as a place to do business" Barclays CEO C.S. Venkatakrishnan says the UK has "shown itself to be resilient" after Brexit and Covid Get the latest with Markets Today: https://t.co/gSDw63Y6pF https://t.co/ZZdX50uFYY
✂️ ( $BARC ) - BARCLAYS CFO SAYS HAS CUT HEADCOUNT BY AROUND 5000 ROLES IN 2023
Barclays annual profit falls 6%, unveils overhaul to boost shares https://t.co/S6fWNeLYp4 https://t.co/Ra9iUMLfhN
Barclays posts fourth-quarter net loss, announces £1 billion share buyback https://t.co/dxSpewm8dq
Barclays To Return £10Bln To Shareholders - FT https://t.co/NeyatxAhjs
Barclays says it will go on a major cost-cutting drive as part of CEO Venkatakrishnan’s efforts to boost returns above 12% in the coming years https://t.co/pmNymzOKlE