Barclays posts fourth-quarter net loss, announces £1 billion share buyback

arclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender delivered its first major strategy update since 2016.

Analysts polled by Reuters had expected net profit attributable to shareholders of £60.95 million for the quarter, according to LSEG data, as Barclays embarks on a major restructuring program in a bid to reverse declining profits.

For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion.

The bank also announced an additional share buyback of £1 billion, and will later on Tuesday set out a new three-year plan designed to further improve operational and financial performance, CEO C.S. Venkatakrishnan said in a statement.

Momentum in Barclays’ traditionally strong corporate and investment bank (CIB) — particularly in its fixed income, currency and commodities trading division — waned in 2023, as market volatility moderated. $Barclays(BCS.US)$