Barclays Reports Fourth-Quarter Net Loss and Unveils Major Strategy Update

Barclays reported a fourth-quarter net loss of £111 million, missing analyst expectations. The bank's full-year net profit fell to £4.27 billion, prompting a new share buyback and a new three-year plan aimed at improving performance. Momentum in its corporate and investment bank declined in 2023. CEO C.S. Venkatakrishnan announced a major restructuring program.

Financial Performance and Loss

The fourth-quarter report revealed a net loss of £111 million, which was below the expectations of analysts. Additionally, the bank's full-year net profit saw a significant decline to £4.27 billion, leading to strategic initiatives for recovery.

Corporate and Investment Bank Restructuring

The decline in momentum within the corporate and investment bank in 2023 prompted CEO C.S. Venkatakrishnan to announce a major restructuring program focused on improving performance and efficiency.