Barclays: Annual profit falls, restructuring plan launched

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LONDON (Reuters) – Barclays reported annual profit down 6% on Tuesday, in line with expectations, and announced the implementation of a restructuring plan.

Managing director CS Venkatakrishnan presented a plan including cost cuts, management overhaul and asset sales to improve the bank’s performance and boost the stock price.

Pre-tax profit was 6.6 billion pounds (7.71 billion euros), down from 7 billion pounds recorded the previous year. Analysts surveyed by the company had expected a profit of 6.7 billion pounds.

(Reporting Lawrence White and Iain Withers, French version Gaëlle Sheehan, edited by Blandine Hénault)


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