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
| 20-Feb |
|---|
| Antofagasta | Full Year Results |
| Barclays | Full Year Results |
| InterContinental Hotels | Full Year Results |
| Plus500 | Full Year Results |
| 21-Feb |
|---|
| BAE | Full Year Results |
| Glencore | Full Year Results |
| HSBC | Full Year Results |
| NVIDIA | Full Year Results |
| Rio Tinto | Full Year Results |
| Tate & Lyle | Q3 Trading Statement |
| 22-Feb |
|---|
| Anglo American | Full Year Results |
| Genus | Half Year Results |
| Hargreaves Lansdown | Half Year Results |
| Hays | Half Year Results |
| Hikma Pharmaceuticals | Full Year Results |
| Indivior | Full Year Results |
| Lloyds | Full Year Results |
| ME Group | Full Year Results |
| Mondi | Full Year Results |
| Morgan Sindall | Full Year Results |
| Nestle | Full Year Results |
| Pantheon International | Half Year Results |
| Rolls Royce | Full Year Results |
| Safestore Holdings | Q1 Trading Statement |
| WPP | Preliminary Full Year Results |
| 23-Feb |
|---|
| Deutsche Telekom | Full Year Results |
| Jupiter Fund Management | Full Year Results |
| Standard Chartered | Full Year Results |