Barclays has unveiled plans to cut-costs by £2billion over the next two years after profits slumped by 12% last year.

Pre-tax profit was reported at £6.6billion, lower than forecasted, much down to a huge £927million restructuring charge.

The upcoming company shake-up will see chief executive CS Venkatakrishnan, also known as Venkat, restructure the company into five separate operating divisions.

Venkat will unveil more details this morning, which may include some job cuts.

The 58-year-old boss took over little more than two years ago, however since taking the reigns shares have fallen by 27%.

He said: "In 2023 Barclays delivered solid performance against a mixed macroeconomic backdrop, meeting its financial targets.

"Our strong 13.8% Common Equity Tier 1 (CET1) ratio enables us to deliver increased total capital distributions of £3.0b to shareholders, up c.37% on 2022, which includes a further share buyback of £1.0b.

"Our new three-year plan, which we will be announcing at the Investor Update today, is designed to further improve Barclays’ operational and financial performance, driving higher returns, and predictable, attractive shareholder distribution."

The bank is also to return £10b to shareholders through dividends and buybacks over the next three years.

FTSE 100

The UK's flagship share index, the FTSE 100, was down 12-points at 7,715 shortly after opening this morning.

Brent crude oil futures was down 0.02% today, trading at $83.54 a barrel.

Companies reporting this week

AntofagastaFull Year Results
BarclaysFull Year Results
InterContinental HotelsFull Year Results
Plus500Full Year Results
BAEFull Year Results
GlencoreFull Year Results
HSBCFull Year Results
NVIDIAFull Year Results
Rio TintoFull Year Results
Tate & LyleQ3 Trading Statement
Anglo AmericanFull Year Results
GenusHalf Year Results
Hargreaves LansdownHalf Year Results
HaysHalf Year Results
Hikma PharmaceuticalsFull Year Results
IndiviorFull Year Results
LloydsFull Year Results
ME GroupFull Year Results
MondiFull Year Results
Morgan SindallFull Year Results
NestleFull Year Results
Pantheon InternationalHalf Year Results
Rolls RoyceFull Year Results
Safestore HoldingsQ1 Trading Statement
WPPPreliminary Full Year Results
Deutsche TelekomFull Year Results
Jupiter Fund ManagementFull Year Results
Standard CharteredFull Year Results

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