Barclays takes the scalpel to costs; boosts returns to £10bn as unveils three-year plan

Barclays PLC (LSE:BARC) has unveiled a corporate overhaul, £2bn of cost cuts and a £10bn capital return as it looks to enliven the company's sluggish operational and financial performance as part of a new three-year plan. According to chief executive CS Venkatakrishnan, the initiatives are also aimed at "driving higher returns, and predictable, attractive shareholder distributions". In its results statement, Barclays wants to reduce its cost-to-income ratio from its current 63% to the 'high 50s', which mean ...