BARCLAYS REVEALS REVIVAL PLAN TO WOO INVESTORS AS PROFITS FALL – UK-based lender’s shake-up had already resulted in 5,000 job losses

Barclays has revealed a revival plan to shore up support among investors that includes cutting costs and risk while bolstering returns.

The UK-based lender’s shake-up had already resulted in 5,000 job losses, will also see an overhaul of management, some business disposals and £10bn returned to shareholders over three years.

A total of £3bn was planned for 2023 – up 37% on the previous year.

The plan was announced as Barclays reported a 6% decline in annual pre-tax profits to £6.6bn.

Shares, down by more than 3% in the year to date ahead of the updates, rose by 6% at the open.