The front page of the business newspaper Financial Times reports on Barclay’s pledge to return £10bn to shareholders over the next three years as part of an ambitious plan to boost revenues and rebalance the lender away from investment banking.
Elsewhere, the paper’s main image is of firefighters tackling a blaze caused by Israeli airstrikes. The paper says the US has ‘taken a stand’ on Rafah as Israel prepares a ground invasion of the city where more than 1.5 million people are sheltering.
A story about former US president Donald Trump also makes the front page, as it’s reported that his donor numbers are falling. The news comes ahead of the November presidential election – Trump is widely expected to become the Republican party nominee where he’ll likely face Joe Biden.
‘Barclays to return £10bn to investors in push for new revenues and balance’
Barclays has pledged to return £10bn to shareholders over the next three years as part of an ambitious plan by chief executive CS Venkatakrishnan to boost revenues and rebalance the lender away from investment banking.
In a series of changes set out alongside the bank’s full-year earnings on Tuesday, Barclays also said it would shake up its corporate structure and top leadership, establishing five divisions under mostly new management.
The plan is the first major strategy update at Barclays since 2016 and marks the biggest test for Venkatakrishnan since he succeeded Jes Staley in November 2021.
Venkat, as he is known, also unveiled more ambitious financial targets as part of a revamp designed to answer years of criticism about Barclays’ over-reliance on investment banking and galvanise a share price that has barely moved in the past eight years.
https://www.ft.com/content/6e126a5c-a2e9-4e54-8f94-d40f6b5ec3d5