LONDON-Barclays PLC swung to a full-year net profit of £1.6 billion ($1.99 billion), as the bank's management said it was just months away from finishing a restructuring of the United Kingdom lender.
United Kingdom banking giant Barclays posted a surge in annual profits for 2016 on higher investment banking revenues and a significant drop in litigation and conduct costs.
The bank's worldwide unit, which includes its investment bank, increased its pre-tax profits from £2.3bn to £4.1bn, while revenues rose by 9 per cent to £15bn.
"A year ago we laid out our intention to accelerate the restructuring of Barclays and refocus our business as a transatlantic, consumer, corporate and investment bank, anchored in London and NY". Barclays Group said Thursday Feb. 23, 2017, that it will complete its restructuring six months earlier than planned as it sheds risky assets and focuses on consumer, corporate and investment banking in NY and London.
However, statutory group profit before tax for 2016 was £3.2 billion ($3.9 billion), beating analysts expectations. The bank was also helped by lower costs for bad conduct, dropping from 4.4 billion pounds in 2015 to 1.4 billion pounds in 2016.
Mr Staley reiterated the group had no plans to move staff to Europe as a result of Brexit and said it would be able to use its bases in Germany and Ireland once the United Kingdom pulls out of the EU.
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Shares rose as much as 4% after the profit cheer and as Barclays said its restructuring was ahead of plan.
But Barclays chairman John McFarlane warned "significant challenges remain" as Barclays continues to fight U.S. authorities over allegations over its part in a mortgage bond mis-selling scandal.
Barclays Plc (Public Limited Company) shares rose to the most astounding in over a year as its capital proportion climbed more than anticipated and the bank flagged advance in its endeavors to relieve its Africa unit and auction undesirable resources. "We may add some people in Dublin".
Barclays also announced it intends to close down its non-core division six months earlier than planned on 30th June 2017. However, this is sharply down on the £2.8bn PPI cost the firm the year before.
In January he said: "I don't believe that the financial centre of Europe will leave the city of London".