Barclays loss doubles, to promote African bank unit stake

Barclays bank says its net losses greater than doubled last 12 months and introduced plans to gradually diminish its majority stake within the team’s African unit BAGL. By using Niklas Halle’n (AFP)

London (AFP) – British financial institution Barclays on Tuesday stated web losses more than doubled final yr and introduced plans to step by step curb its majority stake within the crew’s African unit.

Barclays additionally mentioned it will cut up the enterprise total into two items, Barclays UK and Barclays company and international, as it undergoes main restructuring below new chief chief govt Jes Staley.

“we’re in these days asserting our intention to sell down our 62.Three-percent interest in our African industry, BAGL, over the approaching two to a few years,” Barclays said in a declaration and revealed annual losses after tax of £394 million ($549 million, 505 million euros) for the financial institution as a whole.

The 2015 web loss — in opposition to the £174 million posted a year prior — was largely the result of money set aside to compensate purchasers mis-sold a controversial coverage product, or PPI.

Barclays is facing primary changes below Staley, an American who commenced his role in December.

Staley has been tasked with restoring the bank’s battered popularity caused by using a sequence of scandals including the rigging of currency trading and Libor interest price markets.

Barclays is in the meantime axing enormous quantities of jobs as it seeks to lessen fees.

A brand new round of cuts was once revealed in January, with Barclays asserting plans to shed 1,200 positions at its investment banking division, alongside information that it used to be exiting Russia and closing places of work throughout Asia.

Barclays is one of the banks enforcing job cuts amid a rough investment local weather as slowing global progress and stricter capital principles impact lenders.

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