Barclays unveils £10bn payout plan as Q4 profits dive

Barclays (LSE: BARC) has unveiled plans to return £10 billion to shareholders over the next three years while announcing a 92% plunge in fourth-quarter pretax profits.

The bank reported a profit of £110 million for the final three months of 2023, down from £1.31 billion a year earlier, as it took a £927 million hit from restructuring efforts.

However, Barclays said it would pay a higher final dividend and launch a new £1 billion share buyback scheme.

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As part of a business overhaul, the lender also set out a new divisional structure and aims to cut costs by £2 billion by 2026.

Shares in Barclays were 4.7% higher in late morning trading. Barclays stock is down 11% over the past 12 months.