Barclays unveils 10 billion bid to bolster shares [Video]

The boss of Barclays hailed Britain’s “resilient” economy as he outlined a three-year turnaround plan aimed at reviving the bank’s dismal share price performance, writes John-Paul Ford Rojas.

The lender is targeting £2bn in cost savings and £10bn in dividends and stock buy-backs, as well as a restructuring of the group into five business units.

Barclays – which axed 5,000 jobs from its global workforce last year – did not give any detail on how many more would go as a result of its further belt-tightening.

The lender’s beleaguered investment banking arm will still grow – but shrink as a proportion of the business – while it shifts focus to more profitable consumer and corporate operations.

Boss CS Venkatakrishnan– known as Venkat – also said he aimed to utilise the group’s position as the world’s largest non US-based investment bank, operating across leading global financial centres. Amid persistent speculation about the division’s future, Venkat insisted: …