LONDON – Barclays PLC has revealed plans to split itself into two as it reported a big fall in fourth-quarter profits.
The bank said Tuesday its adjusted pretax profit, which includes one-off items like provisions to pay for mis-selling policies in the U.K., fell by more than a half to 247 million pounds ($344 million) from the year before.
Barclays' restructuring is part of ring-fencing rules to separate riskier investment banking from retail banking. Ring-fencing is meant to keep public savings secure in the event of another financial crash.
The bank also announced plans to sell down its stake in its African operations over the next three years.
New CEO Jes Staley says Barclays "is fundamentally on the right path, and is, at its core, a very good business."