Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 11°C

ESTD 1874 Search

Barclays warns of further job losses amid restructuring as annual profits fall 2%

09:52 01 March 2016

Barclays has announced a fall in annual profits after making a further provision for PPI mis-selling claims.

Barclays has announced a fall in annual profits after making a further provision for PPI mis-selling claims.

Barclays today reported a fall in annual profits as it announced a group-wide shake-up and took a further hit for payment protection insurance (PPI) mis-selling.

The banking giant posted underlying pre-tax profits of £5.4billion for 2015, down 2% in the previous year.

The results came as Barclays said it would split the group into two divisions – Barclays UK and Barclays Corporate and International – and “sell down” its stake in its Africa business over the next two to three years.

It also announced that it would take another PPI charge of £1.45bn, taking its total to £7.42bn.

Barclays added that staff bonuses for 2015 would total £1.7bn, down from £1.9 billion the year before, with last year’s figure including £976million within its investment banking business, down from £1bn in 2014.

And it added that £661m of bonuses for 2015 across the group were deferred, including £579m of awards within investment banking.

Barclays said it was splitting the group into two divisions as part of ring-fencing rules to separate riskier investment banking from retail banking in order to protect public savings in the event of another financial crash.

Jes Staley, group chief executive, said the performance showed Barclays “is fundamentally on the right path, and is, at its core, a very good business”.

Barclays said it would cut its 6.5p total dividend for 2015 to 3p for 2016 and 2017, as it presses ahead with the sell-off of its non-core businesses.

The bank said it had cut 5,700 jobs since enforcing a recruitment freeze last autumn and warned that the continuation of this freeze, coupled with the ring-fencing shake-up and the sell off of its non-core businesses, including Africa, would lead to significantly more job losses in the future.

Search hundreds of local jobs at Jobs24


Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files

Please log in to leave a comment and share your views with other East Anglian Daily Times visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by East Anglian Daily Times staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique East Anglian Daily Times account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

Several jobs are up for grabs at an Ipswich-based law company.

Undated handout photo issued by John Lewis of Paula Nickolds who has been appointed as their new managing director, becoming the first woman in the role in the department store chain's 152-year history. PRESS ASSOCIATION Photo. Issue date: Tuesday October 25, 2016. Ms Nickolds has been promoted from her current role as commercial director and replaces long-serving boss Andy Street, who stepped down after joining the West Midlands mayoral race on a Conservative Party ticket. See PA story CITY JohnLewis. Photo credit should read: Greg Funnell/PA Wire

NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder.

Paula Nickolds has been appointed managing director of John Lewis, becoming the first woman in the role in the department store chain’s 152-year history.

Carpetright profits are down.

Carpetright has seen sales slump in the first half of the year as the retailer warned that the collapse in sterling will increase costs.

Sales growth has rebounded at coffee chain Costa.

Costa Coffee owner Whitbread has reported a rise in half-year profits as it brews up plans to tap the artisan coffee market.

Ipswich High School

One of Suffolk’s top independent schools has announced it is recruiting several new members of support staff.


Show Job Lists

Most read

Most commented

Topic pages


Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24