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Bank pulling out of Africa

Barclays unveils restructure as profits slip

BarclaysBarclays is pulling out of Africa to focus on its two UK business which produce its biggest returns.

The bank announced the restructuring alongside a 2% fall in full-year adjusted pre-tax profit to £5.4 billion.

It is cutting its dividend by more than half to 3p per share and announced a further £1.45bn provision for PPI mis-selling.

In keeping with other banks it has reduced its bonus pool for staff, down 10% to £1.67bn.

The bank said it aimed to simplify its business by focusing on two main core divisions – Barclays UK and Barclays Corporate & International.

Chief executive Jes Staley said: “Barclays is fundamentally on the right path, and is, at its core, a very good business.

“There is of course more we need to do and areas where I believe we can move much faster to deliver the high performing group that Barclays can and should be.”

 

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