Barclays swings again to revenue in first quarter amid strategic overhaul

LONDON — Barclays on Thursday reported first-quarter internet earnings attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to revenue amid a significant strategic overhaul.

Analysts polled by Reuters had anticipated internet revenue attributable to shareholders of £1.29 billion for the quarter, in keeping with LSEG information.

Internet earnings for the primary quarter 2023 was $1.78 billion.

Barclays reported a internet lack of £111 million within the fourth quarter of 2023 as a result of an operational shake-up designed to scale back prices and enhance efficiencies.

That included a £900 million hit from structural cost-cutting measures, which the financial institution mentioned had been anticipated to result in gross value financial savings of round £500 million in 2024, with an anticipated payback interval of lower than two years.

The overhaul noticed the reorganization of the enterprise into 5 working divisions, separating the company and funding financial institution to kind: Barclays U.Okay., Barclays U.Okay. Company Financial institution, Barclays Non-public Financial institution and Wealth Administration, Barclays Funding Financial institution and Barclays U.S. Client Financial institution.

The financial institution additionally pledged to return £10 billion to shareholders between 2024 and 2026 via dividends and share buybacks.

That is breaking information. Please examine again for updates.

— CNBC’s Elliot Smith contributed to this report.