Barclays Reports 12% Drop in Pre-Tax Profits Amid Strategic Overhaul

The UK bank faces decreased mortgage demand and investment banking challenges, even as it progresses with a major cost-cutting initiative.

Barclays' pre-tax profits fell to £2.3 billion in the first quarter, down from £2.6 billion a year earlier, reflecting a challenging economic environment.
The bank's mortgage lending and investment banking sectors were particularly impacted, with mortgage demand suppressed by higher UK interest rates.
Despite the profit decline, Barclays is implementing a strategic overhaul, aiming for £2 billion in cost reductions.
Net interest income at Barclays' UK operations decreased by 4%, and customer deposits dropped by 2%.
Barclays plans to return £10 billion to shareholders through dividends and share buybacks between 2024 and 2026.