Barclays announces cost-cutting drive to boost returns, shakes up its operations and aims to return £10bn to shareholders over the next three years
Barclays’ share price has risen by 6% at the start of trading in London, as traders welcome its plans to cut costs by £2bn and return £10bn to investors in 2024-2026.
Analysts at Jefferies say Barclays has announced “a relatively ambitious set of 2026 targets”, as it aims to lift its return on tangible equity to 12%, from 10.6% in 2023.
Barclays now plans to reduce costs in the CIB by £2b by 2026, our experts believe a 20% reduction in headcount is needed and would not impact day-to-day operations.
Previous cost reduction programmes have not been executed effectively, in some part due to its political culture. A coherent strategy is needed for future success but is an uphill battle.
Continue reading…Barclays announces cost-cutting drive to boost returns, shakes up its operations and aims to return £10bn to shareholders over the next three yearsU-turn and profits dip add up to tricky sell for BarclaysBarclays’ share price has risen by 6% at the start of trading in London, as traders welcome its plans to cut costs by £2bn and return £10bn to investors in 2024-2026.Analysts at Jefferies say Barclays has announced “a relatively ambitious set of 2026 targets”, as it aims to lift its return on tangible equity to 12%, from 10.6% in 2023.Barclays now plans to reduce costs in the CIB by £2b by 2026, our experts believe a 20% reduction in headcount is needed and would not impact day-to-day operations.Previous cost reduction programmes have not been executed effectively, in some part due to its political culture. A coherent strategy is needed for future success but is an uphill battle. Continue reading…
