Barclays in new bank shake-up as losses double

AFP, LONDON:  Barclays yesterday announced a further shake-up of the bank's operations after losses more than doubled last year, as it seeks to restore its battered reputation under new leadership.
The British lender, struggling to recover from several scandals, said it would split the bank into two units, focusing on its operations in Britain and the United States.
And after announcing in January plans to exit Russia, Barclays yesterday said it would reduce its majority stake in the group's African unit.
"At the heart of Barclays strategy is to build on our strength as a transatlantic consumer, corporate and investment bank anchored in the two financial centres of the world, London and New York," Barclays said in a statement.
It plans to split the company in two to form Barclays UK as well as Barclays Corporate and International.
"We are today announcing our intention to sell down our 62.3-per cent  interest in our African business, BAGL, over the coming two to three years," it said.
It comes as Barclays revealed annual losses after tax of £394 million ($549 million, 505 million euros) for the bank as a whole.
The 2015 net loss, compared to one of £174 million a year earlier, was largely the result of money set aside to compensate customers mis-sold a controversial insurance product, or PPI.

 

 

Barclays in new bank shake-up as losses double

AFP, LONDON: Barclays yesterday announced a further shake-up of the banks operations after losses more than doubled last year, as it seeks to restore its battered reputation under new leadership. The British lender, struggling to recover from several scandals, said it would split the bank into two units, focusing on its operations in Britain and the United States. And after announcing in January plans to exit Russia, Barclays yesterday said it would reduce its majority stake in the groups African unit. At the heart of Barclays strategy is to build on our strength as a transatlantic consumer, corporate and investment bank anchored in the two financial centres of the world, London and New York, Barclays said in a statement. It plans to split the company in two to form Barclays UK as well as Barclays Corporate and International. We are today announcing our intention to sell down our 62.3-per cent interest in our African business, BAGL, over the coming two to three years, it said. It comes as Barclays revealed annual losses after tax of 394 million ($549 million, 505 million euros) for the bank as a whole. The 2015 net loss, compared to one of 174 million a year earlier, was largely the result of money set aside to compensate customers mis-sold a controversial insurance product, or PPI.