Barclays Unveils £2 Billion Cost-Cutting Plan and Strategic Overhaul
Barclays reported a fourth-quarter net loss of £111 million, below analyst expectations, and a full-year net attributable profit of £4.27 billion, down from the previous year. The bank announced a major strategic overhaul, including substantial cost cuts, asset sales, and a reorganization of its business divisions, with plans to return £10 billion to shareholders between 2024 and 2026 through dividends and share buybacks. The restructuring program aims to reverse declining profits and improve operational and financial performance, with a focus on the corporate and investment bank division.