Barclays Bank’s UK headquarters in Canary Wharf, London.
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LONDON – Barclays on Tuesday reported a net loss in the fourth quarter 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 £60.95m for the quarter, according to LSEG data, as Barclays embarks on a major restructuring program to reverse falling profits.
For the full year, net attributable profit came in at £4.27bn, down from £5.023bn in 2022 and below a consensus forecast of £4.59bn.
The bank also announced a further £1 billion share buyback, and later on Tuesday will present a new three-year plan designed to further improve operational and financial performance, CEO CS Venkatakrishnan said in a statement.
Momentum in Barclays’ traditionally strong corporate and investment bank (CIB) – particularly in its fixed income, foreign exchange and commercial division – waned in 2023 as market volatility eased.
In its third quarter report, the bank warned of the high cost costs, which fell in the fourth quarter.