Barclays has taken a 25% hit to its adjusted first quarter profits after an extensive restructuring programme.
In efforts to move forward from recent scandals, Barclays’ new chief executive Antony Jenkins has been cutting jobs, overhauling the bank’s culture and restructuring the bank in order to improve its image as part of ‘project transform’.
The programme is a large contributing factor to Barclays’ £609 million fall in profits to £1.79 billion, in comparison to £2.4 billion this time last year. Jenkins said: ‘In our goal to become the ‘Go-To’ bank we have not chosen an easy path for Barclays, but we have chosen the right one.’
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