Barclays to restructure after 8% fall in profits
Barclays has announced an 8% fall in statutory profit before tax to £2.1bn in 2015.
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Its underlying profits fell by 2% to £5.4bn, which it attributed partly to a £1.45bn PPI charge in Q4.
It also posted a £261m loss relating to the sale of its Italian retail banking branch, which is due to complete in Q2 2016.
In its full year results, the Bank also announced a 62% sale in its African business as part of a Group simplification.
Barclays would then focus on just two divisions - Barclays UK and Barclays Corporate and International.
Group CEO, 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. 2016 will consequently be a year of accelerated delivery from a good base."
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