Barclays announces restructuring as profits fall

Bank will also cut its dividend by more than 50%

Barclays has posted a fall in underlying profits for 2015, which fell by 2% to £5.4bn.

The bank also said it is putting aside a further £1.45bn to deal with the ongoing cost of mis-selling payment protection insurance to customers.

Barclays said it would reduce its stake in its Africa business over the next three years, as part of a structural overhaul.

The bank’s bonus pool also reduced in size over 2015, falling 10%, to £1.67bn.

The announcements saw Barclays shares fall by 7% in early trading this morning.

Barclays chief executive Jes Staley said: “Barclays is fundamentally on the right path, and is, at its core, a very good business.

“There is of course more we need to do and areas where I believe we can move much faster to deliver the high performing group that Barclays can and should be.”

The statements released by Barclays also show that former boss Antony Jenkins, whom the bank fired in July 2015, was paid £3.4m last year, including a £500,000 bonus payment – presumably for the high quality of his work – though not high enough for the bank to hang on to him.

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