NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (the “Issuer”) announced today that, in connection with its previously announced cash tender offers (each, an “Offer”) to purchase any and all of its outstanding exchange-traded notes (the “Notes” or the “ETNs”) of the twenty-four separate series listed in tables below (each, a “Series”) and the solicitation of consents (each, a “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provisions of the Notes with respect to each Seri ...

NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (the “Issuer”) announced today that it has determined the purchase price of each Formula Price Series (as defined below) in connection with its previously announced cash tender offers (each, an “Offer”) to purchase any and all of its outstanding exchange-traded notes (the “Notes” or the “ETNs”) of the twenty-four separate series (each, a “Series”) and the solicitation of consents (each, a “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to am ...

London Stock Exchange group has received a small price target by bump up from Barclays following its numbers last week. Underlying annual profits rose by 6% to £ 3.7 billion though the pre-tax number eased 3.7% lower to £1.9 billion due to a faster rate of depreciation, according to the statement. Barclays said it was making limited earnings increases following the results. “While FX elements increased 2023 opex and finance costs, our new estimates reflect the revenue momentum building across a broad number ...

JHVEPhoto/iStock Editorial via Getty Images Introduction Barclays PLC (NYSE:BCS) shares have enjoyed a very strong run post the release of the bank’s Q4 2023 result on 20 February 2024. The quarterly release was published alongside an Investor Update, in which management set out the group’s new strategy and financial targets. On 01 March 2024, Barclays shares closed at 169.52p (LSE: BARC) on the London Stock Exchange "LSE," having gone ex-dividend 5.30p on 29 February 2024. Including the dividend, BCS h ...

Barclays (BCS) has announced the sale of approximately $1.1 billion in credit card receivables to Blackstone’s (BX) Credit & Insurance segment. The transaction is still subject to certain conditions and is anticipated to be funded in the first quarter of 2024.This agreement, marking the first step in Barclays' plan to optimize its risk-weighted assets (RWAs), aims to bolster lending capacity for Barclays Bank Delaware (“BBDE”) in the United States. The company also seeks to streamline its balance sheet, red ...

LONDON & NEW YORK--(BUSINESS WIRE)--Barclays PLC ("Barclays") and Blackstone Credit & Insurance (“Blackstone”) today announced that Barclays Bank Delaware ("BBDE") has entered into an agreement with insurance accounts managed by Blackstone’s Asset Based Finance group, to sell approximately US$1.1 billion of currently outstanding credit card receivables (the “Transaction”) in relation to a defined set of Barclays-branded credit card accounts in the United States of America (the “Accounts”). This is the first ...

Barclays Plc (BCS) will face a proposed class action by shareholders, accusing the bank of securities fraud related to the sale of debt in excess of what was allowed by regulators.This means that the securities Barclays issued in previous years were not registered with the Securities and Exchange Commission (“SEC”).U.S. District Judge Katherine Polk Failla in Manhattan said shareholders adequately alleged that Barclays' failure to disclose internal controls failures, which led to five years of unregistered ...

Barclays (BCS 12.05%) stock made big gains Tuesday, ending the trading session up 11.7%, according to data from S&P Global Market Intelligence.The British banking and financial services company announced its fourth-quarter results before the market opened, reporting earnings that fell short of Wall Street's target. It posted a net loss of roughly 111 million pounds (roughly $140.1 million) on sales of 5.6 billion pounds (roughly $7.07 billion). The average analyst estimate had called for it to post a profit ...

Financial Data and Key Metrics Changes - The return on tangible equity (RoTE) for 2023 was 10.6%, in line with the target of above 10% [2][5] - Group profit before tax was £7.5 billion, down 3% year-on-year, while total income increased by £0.7 billion [6] - The cost-to-income ratio was 63%, consistent with guidance for the low 60s [2][10] - Tangible book value per share increased by £0.36 year-on-year to £0.331, and the CET1 ratio was 13.8%, at the top end of the target range [3][23] Business Line Data and Key Metrics Changes - Barclays UK income was up 5%, driven by net interest income growth from rate increases, despite lower card income [6][15] - Consumer cards and payments income grew 18%, supported by higher margins and balanced growth in US cards and the Private Bank [7][19] - Corporate and Investment Bank income decreased by 4%, impacted by lower market volatility and a record low banking wallet [7][20] Market Data and Key Metrics Changes - Net interest income across the bank grew by £2.1 billion or 20% year-on-year, with a group net interest margin (NIM) increase to 3.98% [7][8] - The structural hedge generated £3.6 billion in gross hedge income in 2023, up from £2.2 billion in the prior year [8][9] - The US cards portfolio showed elevated loan loss rates, with a full-year charge of £1.5 billion in consumer cards and payments [12][13] Company Strategy and Development Direction - The company aims to improve RoTE from 9% in 2023 to above 12% by 2026 and plans to distribute at least £10 billion to shareholders between 2024 and 2026 [52][53] - The strategy includes simplifying the business structure and enhancing operational performance while maintaining a strong capital position [46][47] - The company is focused on growing its UK presence and expanding its role in the US market, particularly in unsecured lending [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial targets and highlighted the importance of operational excellence to preserve reputation and protect shareholder interests [50][51] - The outlook for 2024 includes expectations for a reduction in deposits and mortgages, with a gradual return to growth anticipated in the second half of the year [17][39] - Management acknowledged the challenges in the market environment but emphasized reasonable assumptions for revenue growth [28][29] Other Important Information - The company announced a £1 billion share buyback, which will reduce the CET1 ratio to 13.5% [23] - Structural cost actions in Q4 amounted to £927 million, aimed at improving efficiency and productivity [11] - The company is in advanced discussions to sell its German consumer business and Italian mortgage book, completing its exit from European retail outside the UK [54] Q&A Session Summary Question: Market performance in Q4 and guidance for 2024 - Management indicated that assumptions for the market environment in 2024 are reasonable, with no expected increase in the market wallet [28] Question: Tesco acquisition versus share buyback - The Tesco acquisition is seen as a way to accelerate growth in unsecured lending, balancing shareholder returns with investments [29] Question: UK NIM volatility - Management expects the volatility in the UK NIM to smooth out over 2024, with no significant reversals anticipated [31] Question: UK mortgages and US cards capital requirements - The UK mortgage market is experiencing negative net trends due to refinancing activity, while the US cards business is undergoing an IRB conversion, which was anticipated [34][35] Question: Deposit dynamics in Q4 - The stabilization of deposits in Q4 was attributed to slower customer migration and stabilization in pricing, leading to a better-than-expected NIM [37] Question: Equities business performance - The equities business performed adequately in Q4, with no specific issues highlighted [41] Question: Non-NII in UK and corporate revenues in CIB - Non-NII in the UK was impacted by the transfer of the UK Wealth business, while corporate lending income remains stable despite some costs [44]

Key TakeawaysBarclays announced a shake-up to its operations and announced billions in cost cuts, as well as stock buybacks.The bank will now be divided into five divisions, including a U.S. consumer bank unit.Barclays plans to reduce expenses by $2.53 billion and repurchase at least $12.66 billion in shares by 2026.American Depositary Receipts (ADRs) of Barclays Plc (BCS) soared on Tuesday as the U.K.-based bank announced a major restructuring as well as plans to slash costs and return billions to sharehol ...