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Report: Barclays seeks to complete restructuring by 2018

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Report: Barclays seeks to complete restructuring by 2018

BarclaysPlc seeks to complete its restructuring by 2018, Reuters reported,citing Chairman John McFarlane.

At the bank's April 28 annual general meeting, McFarlanepromised a "clean and prosperous" 2018 to shareholders, indicating adeadline for its business overhaul, which will entail some 50,000 job cuts,following which the lender is expected to have a staff of 80,000. He saidBarclays also plans to deliver a "respectable dividend level" whiletransforming into a "significantly smaller, safer" lender, Reutersreported the same day.

Referring to issues surrounding the investment banking arm,McFarlane reportedly said Barclays has "a substantial position in a sectorwhich is facing difficult times, and indeed produces a return well below whatis required." He noted that segments of the business that were lessprofitable but necessary to the others were offsetting strong results at theother parts of the investment bank.

The lender is also making efforts to reduce the pressure onprofits from penalties and costs associated with legal proceedings by resolvingthem as speedily as possible, CEO Jes Staley reportedly said.