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Bank of England Barclays On Thursday, the year-round pre-tax profits rose ahead of analyst expectations, while also launching a £1 billion share buyback.
Profits before tax increased 24% in 2024 to £8.118 billion, slightly higher than analysts’ expectations of £8.081 billion, according to LSEG.
Barclays has been implementing a strategic overhaul since last year, reducing costs by £2 billion by 2026 to 2026, boosting shareholder returns and stabilizing financial returns, focusing on profitable consumer and lending businesses and leading to The company. absorb Retail banking business of British grocer Tesco.
But Barclays‘ Traditionally, strong banking units can now benefit from a more open market share in the domestic space, as HSBC announced last month that it was Prepare to exit Its merger capital markets have undergone a larger investment banking restructuring in Europe, the UK and the US.
Banks have also been recovering from a sweep Three-day technical interruption This disrupted payments and transactions at the end of last month and has since been resolved.
More broadly, lenders have been battling drowsiness in the UK economy and have fallen back in IPO activity on the London Stock Exchange. Bank of England Last week, the first-class layoffs of this year were executed And further pruning was proposed when downgrading in the UK’s economic forecast in 2025 – currency relaxation will usually swallow up in bank profits as this will exacerbate the difference between lenders’ loan return rate and their deposit expenses. British and European banks are also struggling to keep pace with their U.S. counterparts, which could benefit from the additional competitive advantage if newly formed U.S. President Donald Trump takes a more relaxed approach.
Meanwhile, UK Finance Minister Rachel Reeves is promoting UK’s financial behavior mandate to promote synergistic competitiveness with consumer protection, and the market focuses on the government’s financial services growth and competitiveness strategies.
This breaking news report is being updated.
