While a number of challenges remain, the launch of the ringfenced bank expected at the beginning of April this year largely draws a line on large-scale restructuring, and we look forward to a more traditional business pattern, including the return to a more normal dividend pattern.
In 2017, Barclays made significant progress reorganising the business to enable a sharper focus on our strengths as a transatlantic consumer and wholesale bank with global reach.
Two years ago, we laid out our plan to build a Barclays that is fit for the future. To recast our business as a transatlantic consumer and wholesale bank, with global reach.
I am pleased to report that the significant task of restructuring this great institution was completed in 2017.
With 30,000 colleagues and 24 million customers and clients, Barclays UK strives to help people move forward by providing personalised and perfect experiences, delivered by passionate colleagues. In 2017, we have made significant progress in establishing the ring-fenced bank, protecting our customers and clients and transforming our business through digitisation and automation.
Barclays International is the diversified transatlantic, wholesale and consumer bank within Barclays Bank PLC. Encompassing the Corporate and Investment Bank, Barclaycard International and Private Bank & Overseas Services businesses, our dual home markets in the UK and US anchor our business in the two most important global financial centres.
The Head Office function contains the central operations of the Group. The reintegration of remaining legacy assets and businesses in the second half of 2017, the function became a more material contributor to the Group results. Going forward, many of the Head Office functions will be within the Group Service Company.
Barclays PLC Group operates via two clearly defined divisions – Barclays UK and Barclays International – with a diversified business model that we believe helps enhance our resilience to changes in the external environment.
Our business model is aligned with our strategy of being a leading, diversified transatlantic bank with global reach.
We draw on the following to support our activities and deliver value to our stakeholders:
The skills and trust in our staff helps us, through a range of initiatives, increase financial literacy
We aim to provide superior services to help customers and clients create, grow and protect wealth in a sustainable way:
Barclays’ customers and clients include: individuals, small and medium-sized businesses, large corporates and multi-national companies, financial institutions and banks, institutional investors, funds, sovereign institutions and governments
Our business services are tailored to help support SMEs and entrepreneurs, creating wealth
We support our stakeholders via a commercially successful business that generates long-term sustainable returns:
Meeting the demands of our customers around sustainable investment drives sustainable value
We aim to deliver a broad spectrum of value through the way we do business, including:
Innovation through our products and services is helping increase access to finance and generating dividends and returns
Our approach reflects the way in which management monitors the performance of the Group, allows for a holistic assessment and sets out our progress towards the strategic goals of the organisation.
By incorporating a broad range of financial and non-financial measures, our framework is focused on achieving positive and sustainable outcomes for our diverse group of stakeholders, and influences incentive outcomes for Barclays’ employees.
* excluding litigation and conduct, and based on a CET1 ratio of c.13%
** excluding litigation and conduct
Promoting and maintaining: