LONDON — Barclays on Tuesday reported a fourth-quarter net loss of £111 million ($139.8 million) as the British lender announced an extensive strategic overhaul, boosting its shares more than 8.6% through the day. For the full year, net attributable profit came to £4.27 billion, down from £5.023 billion in 2022 and below a consensus forecast of £4.59 billion. Credit impairment charges were £552 million, up from £498 million in the fourth quarter of 2022. The business will now be divided into five operating divisions, separating the corporate and investment bank to form: Barclays U.K., Barclays U.K. Corporate Bank, Barclays Private Bank and Wealth Management, Barclays Investment Bank and Barclays U.S. Consumer Bank. Barclays is targeting total gross cost savings of £2 billion and an RoTE of greater than 12% by 2026.

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Persons: C.S, Venkatakrishnan, Mariva Rivas, DBRS Morningstar, Rivas Organizations: Citigroup Inc, State Street Corp, Barclays Plc, HSBC Holdings Plc, LONDON, Barclays, Reuters, Momentum, Corporate Bank, Barclays Private Bank, Wealth Management, Barclays Investment Bank, Barclays U.S . Consumer Bank, CNBC, U.S Locations: Wharf