Barclays Bank’s UK headquarters in Canary Wharf, London.
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LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender delivered its first major strategy update since 2016.
Analysts polled by Reuters had expected net profit attributable to shareholders of £60.95 million for the quarter, according to LSEG data, as Barclays embarks on a major restructuring program in a bid to reverse declining profits.
For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion.
The bank also announced an additional share buyback of £1 billion, and will later on Tuesday set out a new three-year plan designed to further improve operational and financial performance, CEO C.S. Venkatakrishnan said in a statement.
Momentum in Barclays’ traditionally strong corporate and investment bank (CIB) — particularly in its fixed income, currency and commodities trading division — waned in 2023, as market volatility moderated.
In its third-quarter report, the bank warned of the substantial cost-cutting charges that were coming down the pike in the fourth quarter.
