Home / Market Update / Barclays Reports Fourth Quarter Loss Amid Strategic Update

Barclays Reports Fourth Quarter Loss Amid Strategic Update

British bank Barclays revealed a net loss of £111 million in the fourth quarter of 2023, equivalent to $139.8 million, marking a significant development as the bank unveils its first major strategy update since 2016. This announcement comes as Barclays initiates a substantial restructuring effort to combat declining profits.

Analyst Expectations Unmet

According to data from LSEG, analysts surveyed by Reuters had anticipated a net profit attributable to shareholders of £60.95 million for the quarter. However, Barclays’ reported loss underscores the challenges the bank faces as it undertakes strategic reforms to address its financial performance.

Full-Year Profit Decline

Barclays reported a full-year net profit of £4.27 billion, a decrease from £5.023 billion in 2022. This figure fell short of consensus expectations, which had projected a net profit of £4.59 billion for the year.

Share Buyback and Future Plans

In response to its financial results, Barclays announced an additional £1 billion share buyback. Furthermore, the bank intends to outline a new three-year plan aimed at enhancing operational and financial performance. The CEO emphasized these forthcoming initiatives in a statement issued on Tuesday.

Check Also

Dollar Climbs Amid Trade Talk Confusion and Fed Rate Cut Hopes

The US Dollar gained ground on Friday, with the US Dollar Index (DXY) rising 0.37% …