The chief executive’s strategy update, which intends to address numerous obstacles noted by top shareholders, is well received by investors.
The management of the UK-based lender will be changed, some businesses will be sold, and £10 billion will be returned to shareholders over a three-year period as part of a shake-up that News revealed last month had already resulted in 5,000 job cuts.
For 2023, plans totaled £3 billion, a 37% increase from the year before.
The strategy was unveiled alongside Barclays’ 6% annual pre-tax profit drop to £6.6 billion.
Before the upgrades, shares had dropped more than 3% for the year, but they opened up 6% higher.
“Our new three-year plan… is designed to further improve Barclays’ operational and financial performance, driving higher returns and predictable, attractive shareholder distributions,” chief executive CS Venkatakrishnan, also known as Venkat, stated to investors.
Previously, as the bank’s share price behind competitors, he had promised to listen to an increasing number of investors wanting a simpler business strategy and better returns.
