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Barclays posts fourth-quarter web loss, declares £1 billion share buyback

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Barclays Financial institution’s UK headquarters in Canary Wharf, London.

Matt Crossick/PA Pictures by way of Getty Pictures

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LONDON — Barclays on Tuesday reported a fourth-quarter web lack of £111 million ($139.8 million) because the British lender delivered its first main technique replace since 2016.

Analysts polled by Reuters had anticipated web revenue attributable to shareholders of £60.95 million for the quarter, in accordance with LSEG information, as Barclays embarks on a serious restructuring program in a bid to reverse declining earnings.

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For the total 12 months, web attributable revenue got here to £4.27 billion, down from £5.023 billion in 2022 and beneath a consensus forecast of £4.59 billion.

The financial institution additionally introduced an extra share buyback of £1 billion, and can afterward Tuesday set out a brand new three-year plan designed to additional enhance operational and monetary efficiency, CEO C.S. Venkatakrishnan stated in a press release.

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Momentum in Barclays’ historically sturdy company and funding financial institution (CIB) — notably in its mounted revenue, forex and commodities buying and selling division — waned in 2023, as market volatility moderated.

In its third-quarter report, the financial institution warned of the substantial cost-cutting costs that had been coming down the pike within the fourth quarter.

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