Barclays' bold £2 billion cost-cutting blitz boosts profits and sets stage for Tesco Bank takeover [Fortune]
TESCO PLC S/ADR (TSCDY)
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Source: Fortune
Profit after tax climbed 23 percent to nearly £1.6 billion ($2.1 billion) in the three months to the end of September compared with one year earlier, Barclays said in a statement. “We continue to exercise cost discipline and remain well capitalised,” said Barclays chief executive C. S. Venkatakrishnan. Barclays in February outlined plans to slash £2 billion in costs over the coming years, having axed 5,000 jobs in 2023. The bank remains on course to complete next week its takeover of the banking arm of British supermarket giant Tesco. “The acquisition of Tesco Bank… forms part of our commitment to invest in the UK,” Venkatakrishnan added Thursday. Net profit at Barclays UK jumped 17 percent in the third quarter and by 12 percent at its investment banking division. Shares in Barclays jumped 3.6 percent at the start of trading following the results update. “Barclays is a multi-headed beast, and these numbers underline once more the strength of its diversified model,” note
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