Speaking on Tuesday, Venkatakrishnan widely known as Venkat said the bank also plans to return more than £15 billion of surplus capital to shareholders by the end of 2028. The move marks the next stage of a broader shake-up aimed at improving efficiency, boosting returns and strengthening Barclays’ core businesses.
The strategy forms part of a new set of three-year targets released alongside the bank’s annual results. These include delivering £2 billion in gross efficiency savings, while continuing to invest in customer experience and technology.
“We will invest further to improve customers’ experience and deepen relationships, while harnessing new technology, including AI, to improve efficiency and build segment-leading businesses and drive further growth,” Venkat said.
The announcement comes two years after Venkat launched his initial turnaround plan, which focused on rebalancing Barclays away from its volatile investment banking arm and towards more stable retail, corporate and private banking operations in the UK.
Despite missing out on recent takeover opportunities including the purchases of TSB by Santander UK and wealth manager Evelyn Partners by NatWest, the strategy has delivered strong returns for investors. Barclays shares have risen by around 240 per cent over the past two years.
Barclays’ latest financial results showed pre-tax profits rose 13 per cent to £9.1 billion last year, beating analyst expectations of £9 billion. The bank also announced plans to return £800 million to shareholders through a full-year dividend of 5.6p per share, alongside a share buyback programme of up to £1 billion.
