Barclays Announces £10B Capital Return Plan, Business Restructuring and Additional £1B Buyback Alongside Q4 Results
• Barclays outlined plan to return at least £10B ($12.6B) to shareholders between 2024-2026 through dividends and mostly share buybacks
• Targeting return on tangible equity greater than 10% in 2024 and greater than 12% in 2026
• Restructuring business into 5 divisions Barclays UK, Barclays UK Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank, Barclays US Consumer Bank
• Reported £110M pretax profit in Q4 2022, below expectations due to restructuring costs and softer corporate and investment bank revenue
• Launched additional £1B share buyback program and declared 2023 total dividend payout of 8.0 pence per share