Barclays Launches £2bn Cost-Cutting Drive After Drop in Profits, Vanquis Bank Resets Business After 2023 Loss
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Barclays plans a £2bn cost-cutting drive and aims to return £10bn to shareholders over the next three years. Pre-tax profits at Barclays fell to £6.6bn in 2023, down from £7bn in 2022. Higher interest rates pushed up earnings at Barclays UK, where income rose 5% to £7.6bn. Income at the Corporate and Investment Bank (CIB) fell by 4% to £12.6bn. Barclays also spent £900m on cost-cutting in 2023. CEO C. S. Venkatakrishnan unveils Barclays' first major strategy update in a decade. Barclays will be reorganized into five new divisions. Barclays shares jump 6% at the start of trading in London. Barclays plans to return at least £10bn of capital to shareholders over the next three years through dividends and share buybacks. Barclays' bonus pool fell 3% to £1.2bn for 2023. The bank's new three-yea...
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