Barclays posts fourth-quarter net loss, announces major strategic overhaul

Barclays reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul. The bank announced an operational restructure, including cost cuts, asset sales, and a reorganization of its business divisions. It plans to return £10 billion to shareholders by 2026 through dividends and share buybacks. For the full year, net attributable profit was £4.27 billion, down from £5.023 billion in 2022. Barclays took a £900 million hit in the fourth quarter from cost-cutting measures, which are expected to result in gross cost savings of around £500 million this year. Key highlights include a 3% decline in fourth-quarter group revenue, credit impairment charges of £552 million, a CET1 capital ratio of 13.8%, and a full-year return on tangible equity of 10.6% excluding fourth-quarter restructuring costs.