Barclays announces major overhaul with £2bn cost-cutting plan

The banking giant aims to boost profits and shareholder returns, despite concerns over job losses and a decline in profits.

Barclays plans to cut £2bn in costs over the next two years, aiming to enhance profitability and return £10bn to shareholders by 2026.
The overhaul includes reorganizing into five divisions, reducing reliance on its investment banking arm, and increasing focus on UK operations.
Around 5,000 jobs were cut in 2023, with further job losses anticipated as part of the restructuring efforts.
Pre-tax profits fell to £6.6bn in 2023, a 6% decrease from the previous year, amid restructuring charges and a challenging economic environment.
Investors responded positively to the announcement, with Barclays' shares rising approximately 7% following the update.