TIDMBARC
RNS Number : 1119L
Barclays PLC
23 April 2015
23 April 2015
BARCLAYS PLC
AGM STATEMENTS AND INCOMING CHAIRMAN'S MESSAGE
Chairman's AGM Statement
Good morning and welcome to Barclays' 2015 Annual General
Meeting.
The Barclays of today is a very different organisation from the
one that I joined in the summer of 2012.
There was urgent need then to adapt our business model and
governance to the new economic, financial and regulatory
environment and to reconnect with the original values of this great
institution. The journey is incomplete. But great progress has been
made on all these fronts.
Before I continue, I'd like to play a short video reflecting on
Barclays' journey over a rather longer period - the last 325
years.
As this film shows, there is a huge amount of which the board,
the executive leadership, our employees and you, the owners of
Barclays, can be proud.
This is further evidenced in the Exhibition outside, curated by
Leslie Hannah, business historian and Professor at the London
School of Economics, whom you just saw in the video. I encourage
you to stop by after the AGM.
Looking back, it is clear that trust and confidence in us
reached a low ebb around the middle of 2012. Some of the criticism
was exaggerated, but a good part of it was justified. It was both
essential and urgent to get this institution back on a better
course.
Inevitably the journey to restoration and recovery takes time,
but it was clear to me from the outset that at the heart of
Barclays there is a great franchise and we have great people.
As I reflect on the extent of change since that critical phase
in 2012, I have no doubt that Barclays is positioned to succeed
over the long term because of the action we've taken and continue
to take.
Over the course of the last two and a half years, a
reinvigorated, rebalanced Barclays has begun to emerge under Antony
Jenkins' leadership as chief executive.
A Barclays underpinned by a purpose and a set of common values
that are fundamental to long term success.
And a bank that is much more resilient than pre-crisis with much
stronger capital ratios and liquidity pools, lower leverage, more
robust compliance controls and a strategy for sustainable
performance.
For hundreds of years, trust has been fundamental to banking and
the changes that are taking place across our sector will only make
this more important.
That is why your board and executive management team have taken
the deliberate action necessary to focus this business once again
on service and innovation for customers and clients, delivering for
shareholders, and fulfilling a positive role in broader
society.
The process is not complete. But while I was, personally,
confident about Barclays' prospects even in the dark days of 2012,
I am very optimistic about them now.
It is evident that Barclays is becoming the institution that we
want it to be for customers, clients, employees, but ultimately
you, our shareholders.
It is 325 years since two Quakers, John Freame and Thomas Gould,
established themselves as goldsmith bankers in London in 1690. That
was the beginning of the journey that we are continuing today, some
highlights of which we just saw in the video.
The Quakers relied on their own hard work, pioneering spirit and
moral code to become trusted and respected figures within their
communities. And the people that started the Barclays journey made
bold, innovative decisions that ensured the bank would go from
strength to strength.
These are precisely the qualities - not of course the sole
preserve of Quakers - that we look for today and that will ensure
that Barclays prospers and grows for many years to come.
It is worth reminding ourselves of the progress we have made in
the last few years and highlighted in our 2014 Results:
-- Return on Equity in the core business was nearly 11% last
year, putting Barclays in good stead to reach its target of 12%
plus in 2016.
-- We have made excellent progress on cost, and you can rest
assured that we will maintain momentum in this area throughout
2015. The same applies to our reduction of non-core assets.
-- Bonus payments were also down. Total incentive awards granted
were down 22% in absolute terms, against a backdrop of increased
adjusted profit before tax. Levels of bonus deferral continue to
exceed regulatory requirements and are expected to remain among the
highest deferral levels globally.
-- Our Purpose and Values are now part of the fabric of the
organisation - influencing the way we do business each and every
day, as is our Balanced Scorecard. We have reported on this for the
first time this year - you can read more about it in the Annual
Report.
-- Our efforts to support the real economy have made a tangible
difference to thousands of people's lives, from students and the
young unemployed to budding entrepreneurs and small business owners
all over the world.
This is something of which I am immensely proud. We are here to
serve our customers, to respond to their needs and to help them
achieve their ambitions in the right way. Our results demonstrate
that we are doing this.
The results for 2014 were unfortunately impacted significantly
by the size of the provisions we have taken against a number of
legacy issues that we continue to deal with.
We have an obligation to you to work through these issues as
expeditiously and transparently as possible.
The behaviours, practices and conduct that led to these issues
are wholly inconsistent not just with the Values and culture of
Barclays today, but with the ethos of the founders of this
organisation.
I spoke briefly of the Quakers' drive to build trust within
society and our swift and decisive resolution of these legacy
issues underlines our commitment to rebuilding the trust of all of
our stakeholders.
There will be further issues to resolve this year. I urge you
not to be disheartened when you see these as they emerge.
This is simply further evidence of our commitment to deal with
the past and, most importantly, learn from it.
By working more closely and proactively with our regulators than
ever before, we will also move towards greater resilience,
transparency and sustainability.
One of the Barclays Values is Stewardship - the notion that we
should all leave the matters with which we deal in better shape
than we find them at the outset. This is what my colleagues have
been doing through collectively living and breathing the spirit of
Stewardship.
I want to thank each and every one of them. They have worked
relentlessly to put Barclays into a better place than when I began
as Chairman in 2012.
I am delighted that this work will continue to progress under
the guidance of John McFarlane - whose stature and experience make
him the ideal candidate to lead this organisation in the next phase
of its journey.
My final word of thanks is to you, the shareholders. You have
been patient, and on behalf of the Barclays Board, I thank you for
that.
Thank you for giving me the privilege of serving as Chairman; I
am proud to have done so during what I am confident will prove to
be a pivotal period in Barclays' long history.
What counts now is the future and I leave Barclays in very good
hands. Let me hand over now to our Chief Executive, Antony
Jenkins.
Chief Executive's AGM statement
Thank you Chairman, and good morning ladies and gentlemen.
Today I am pleased to report to you that, while we have much
more to do, our company is stronger, with better prospects than at
any time since the financial crisis.
Execution of the Transform Strategy, which I set out in February
of 2013, and updated in May last year, has established a balanced
and focused international Bank, working on the right priorities for
all our stakeholders, and positioned for growth.
When I addressed this meeting 12 months ago, I said that our
intent was to create a Barclays for the future.
A business that will behave in the right way, and deliver
performance in the right way.
A bank that we can all be proud of - one that lives our values
of respect, integrity, service, excellence and stewardship every
day. And one that will reward your support as shareholders
financially.
As we look back at our performance in 2014, and toward our
prospects for 2015, I am confident that we are starting to realise
that promise.
-- Group adjusted profit before tax increased by 12% in 2014.
-- Personal & Corporate Banking and Barclaycard continued to thrive and grow.
-- Our Africa business has done well despite currency headwinds.
-- And we have seen signs of positive performance in our
Investment Bank, which has been in a period of transition.
While there is still a lot of work to do, we have made very good
progress against our Transform 2016 targets during the year,
providing strong evidence that our strategy is working.
It's easy to forget how hard this improvement has been to
achieve. In the Autumn of 2012, when we began the transformation of
Barclays, our company was a very different one to the one it is
today, and it was by no means inevitable that we would succeed.
I want to thank my colleagues - our staff - who have worked so
hard to bring the company to a point where we can look forward to
the task ahead with more confidence than for many years.
In our core business - which represents the future of Barclays -
our adjusted Return on Equity was nearly 11%, excluding the Costs
To Achieve our Transform programme. This is tracking well towards
the 12% plus level we are targeting for 2016.
The run-down of Barclays Non-Core - those businesses which are
no longer strategically attractive to us - was actually ahead of
plan in 2014, with Risk Weighted Assets reducing by nearly GBP35bn
in the year.
You have heard me say before that cost is - and will continue to
be - the strategic battleground for our industry, and that working
more effectively and efficiently is essential to our future
success.
To that end, we took out nearly GBP1.8bn of spend from our
business in 2014, with further reductions to come in 2015. This
remarkable achievement will enable us to boost returns for you -
our shareholders - and to drive sustainable competitive advantage
across the Group.
I am also pleased that we have made substantial progress in
strengthening our capital position in the past year. Capital is the
critical financial underpinning of the Group, the foundation from
which we are building the Barclays we all want to see.
Our fully loaded Core Equity Tier 1 ratio - one of the two key
measures of capital strength - improved to 10.5% at the end of
2014. This takes into account the effect of the disposal of our
Spanish business which was completed in January, and the impact of
further provisions in Quarter 4 for on-going investigations into
Foreign Exchange. This figure was just 9.1% at the end of 2013.
We are on the way to taking the question of capital strength - a
question which has hung over your company for too long - off the
table for good.
In terms of dividend, we have declared a cash dividend of 6.5p
for 2014, despite the unwelcome and regrettable impact of
substantial provisions for past misconduct.
I know the importance of dividends to you and so let me be clear
on my position.
The pursuit and delivery of sustainable improved returns for our
shareholders is uppermost in my mind as we execute the Transform
strategy. I want to see the dividend increase, and we continue to
target a 40%-50% payout ratio of adjusted earnings over time.
As you know we'll update the market on first quarter performance
next week and so I must be quite circumspect on that. However I
wanted to offer just a few words on the outlook for the year as a
whole.
I am confident that 2015 will be a year of continued delivery
for Barclays.
Although the global macroeconomic environment remains volatile -
a situation expected to persist through the year - we believe that
there will be greater clarity on regulation and on several conduct
issues during 2015. This will give us much more certainty in
predicting future performance.
Our priority is to continue to strengthen the capital position
of the Group.
We expect to make further progress in 2015 on the run-down of
the Non-Core unit and, in terms of cost, we expect to drive further
reductions beyond those achieved in 2014, targeting a base of
GBP16.3bn for the Group for 2015, excluding the costs to achieve
Transform.
Finally, as a Group, we intend to build on the positive
underlying momentum seen within our businesses, towards achievement
of the 2016 Transform targets. And we will accelerate delivery of
these targets wherever possible.
We are also performing well against the metrics in our Balanced
Scorecard, reported for the first time this year.
The Balanced Scorecard is specifically designed to ensure we
deliver for all of our stakeholders in the short and the long term,
and it provides an additional way for shareholders to hold us to
account.
Barclays measures performance today not just on the basis of
what we deliver to our investors, our employees, and wider society,
but also on how we deliver that outcome.
In terms of progress against the scorecard, I'm pleased that we
have increased the percentage of women in senior leadership
positions in 2014; that our Citizenship initiatives are on track or
ahead of plan; and that our standing in terms of conduct reputation
is improving.
But not everything is where I want it to be.
While it is perhaps understandable, given the degree of change
we are seeing in Barclays right now, colleague engagement declined
a little in 2014, and we still have much work to do on improving
how our customers and clients feel about us.
These specific measures are as important as the financial
targets we pursue, because they go to the heart of running the
company in a way that we all can be proud of, for all of our
stakeholders, and consistent with our purpose and values.
Each time I have addressed this meeting since becoming Group
Chief Executive I have talked about the huge importance of
transforming Barclays' culture - as well as fundamentally changing
the business operationally and financially.
I continue to believe that work is critical and, while much
progress has been made, we still have more to do against the
Balanced Scorecard targets.
However I have no doubt that our holistic approach to running
Barclays will support strong and sustainable performance for
shareholders.
We remain focussed on addressing the behaviours at the centre of
historic conduct issues, including those relating to the on-going
investigation into Foreign Exchange.
Like the Chairman, I regard the behaviour at the core of these
investigations as wholly incompatible with our values.
And I share your frustration as shareholders, and the
frustration felt by my colleagues, that legacy matters like these
continue to cast a shadow over our business.
Resolving these issues is an important part of our plan for
Barclays, and I expect that we will make significant, though
sometimes difficult, progress in this area in 2015.
We are grateful for your continued patience and support while we
deal with these matters - support which we do not take for
granted.
As the Chairman noted, 2015 marks our 325(th) anniversary as an
institution.
It is both humbling and inspiring in equal measure to be Chief
Executive of a business that predates the establishment of the Bank
of England, the US Declaration of Independence, as well as the Act
of Union; which financed the first steam railway built by George
Stephenson; and which helped rebuild communities and commerce
following two World Wars.
At these times, it is natural to reflect on the qualities which
have meant that Barclays has survived and thrived for so long.
For me the principal reason is the character and commitment of
our colleagues down the years. The people who spend each day
serving customers and clients with distinction across the
world.
But I also think that one of the attributes in the Barclays DNA,
which has ensured our success over 325 years, is the pioneering
spirit of our founders, manifested in adaptability and
resilience.
It has instilled in Barclays a willingness to try new
approaches. To have the courage to take risks. An endless curiosity
about new thinking. And an ability to embrace change rather than to
fear it.
For those of you in the audience who are current and former
colleagues I'm sure you'll recognise these attributes.
That pioneering quality has never been more important than in
today's fast moving and complex world.
It is perhaps most evident in the leadership position we enjoy
today in the use of technology to enhance our customers' and
clients' lives.
Barclays has always been a leader in this area - from the
world's first ATM to the first bank website.
But until the last few years, our sector has not truly felt the
full disruptive impact of technology that others have experienced,
largely because of the complexity of financial services.
That is changing, and it's changing fast.
Think of the rise of on-line banking, the integration of
contactless payment into mobile phones, or the way in which
cell-phone technology in Africa is enabling payment systems that
are skipping entire generations of infrastructure.
All of these developments are driven by accelerating customer
demand for products and services which suit how they live their
lives today. However I recognise that for some these changes are
daunting.
Barclays is determined that no one is left behind as these
digital services are rolled out, and we have committed more
resource than any other bank to ensuring that is the case.
To date almost 28,000 Digital Eagles - with over 12,000 in the
UK - have been trained and are working with customers every day to
improve computing skills. We have held over 2,500 tea and teach
sessions in branches and elsewhere, and almost 400 coder playground
sessions with 7,000 young people and 1500 adults. 204 of our
branches now run monthly coding clubs, and 43,000 people have
signed up for our Digital Driving Licence.
Of course there will continue to be a place for great face to
face interaction between our staff and customers in branches - a
service which I know many of you value for certain situations and
transactions.
But I am utterly convinced that competitive advantage in banking
will come from technology driven automation that delivers a much
better customer experience and, in turn, superior returns for
shareholders.
Along with our proven ability to manage cost, our commitment to
continuously driving technology change through Barclays will be the
key reason why our bank will emerge as a winner, and continue to
thrive for years to come.
To conclude, let me reiterate that this will be a year of
continued delivery for our customers, our clients, and our
shareholders as we look to accelerate execution of our plans.
Our work is not complete, but we are on the right track, making
good progress against our strategic targets. And with every one of
my colleagues in Barclays committed to driving performance, we can
have strong confidence in our ability to deliver.
Of course from this afternoon we will have a new Chairman to
help guide us on our journey, in John McFarlane.
John's experience as a bank CEO and as a company chairman will
be invaluable as we look to accelerate the journey to becoming the
Go-To bank. I have greatly enjoyed working with him since he joined
the Board and am looking forward to working even more closely with
him as he assumes his new role.
And I cannot finish this day without paying tribute to our
retiring Chairman Sir David Walker.
David took over the Chairmanship at a most difficult time in
Barclays' history. He was precisely the person we required -
diplomatic, brilliantly insightful, courageous, and a stabilising
influence when we needed it most.
As well as leading your Board with such distinction, he has
helped in particular to transform our relationships with
stakeholders such that they are now characterised by constructive
engagement.
He has also been a supportive and rightly demanding colleague to
me personally.
David has epitomised the Barclays value of Stewardship
throughout his tenure as Chairman and I hope you will join me now
in thanking him for his service to the company with a round of
applause.
Thank you David.
Letter to shareholders from incoming Chairman
Dear Shareholder,
I am both excited and honoured to have been appointed as your
new chairman, and am already enjoying working with Antony, his
senior colleagues and your Board to bring Barclays to its rightful
place in the leadership of British banks with the admiration that
we have traditionally enjoyed.
You may not be aware that Barclays is older than the Bank of
England. In and of itself, this emphasises our ability to succeed
and advance in all circumstances, and symbolises the enormous
responsibility that the chairmanship brings.
I am particularly fortunate to have succeeded Sir David Walker
in the role. Sir David stepped into the chair in the eye of the
crisis, and he was able to apply his considerable experience and
skill to the stabilisation and the subsequent recovery of the bank.
He has served the company with distinction, and led the Board
superbly in his unique and eloquent style. I would therefore like
to thank him on behalf of shareholders, for his enthusiasm,
expertise, and dedication to Barclays. I am enormously grateful for
his generosity in giving me a great deal of his time, which has
allowed me to transition seamlessly into the new role.
Of course, over and above the months since the announcement of
my appointment I am fortunate to have spent 40 years in the
industry preparing for this role. I feel it has been tailor made
for me and believe genuinely I can make an important contribution
to our future.
As chairman, it would be normal for me to write to you in
connection with this year's annual report, but it would be natural
for shareholders to be curious as to what a new chairmanship brings
for Barclays, particularly since I have been on the Board since
January. I am strongly in favour of an open dialogue with
shareholders. I will therefore take this opportunity to let you
know my early thoughts on our agenda going forward. In this
respect, I am not signalling specific changes, but simply giving
you a sense of direction and priorities.
While much has been done to clean up conduct issues from the
past, some unfortunately still haunt us, causing substantial
financial and remedial costs from several high-profile matters,
originating in our retail and markets segments.
Additionally, we are experiencing a financial drag from Non-Core
segments that we are exiting. The rundown of these portfolios
eventually releases capital, but hits the bottom line on the
way.
Beyond this, although a number of segments are showing growth
and improvement, our portfolio is largely concentrated in mature
developed western economies, and these remain subdued. This is
especially the case in the investment banking sector. Fortunately
some green shoots are appearing, and the sector showed significant
improvement in the first quarter, looking at results already
published.
Our business in South Africa, one of the main banks in that
market, is performing well in local currency, but from a Group
standpoint results have been moderated by the decline in the
Rand.
All of these factors, as well as a sizeable overhead burden
arising out of the complex nature of the Group, have negatively
impacted our overall margins, such that our cost efficiency levels
operate below where they need to be.
At the same time, as a globally systemic bank we are
experiencing considerable headwinds from enhanced regulatory
requirements and capital requirements. We are also investing
heavily to meet the requirement to restructure our activities so as
to be able to operate successfully in the event of a future crisis.
This will involve among other things, the ring-fencing of our core
UK retail and commercial business as well as the creation of a US
intermediate holding company.
Significantly, we will also be forced to absorb the burden of
the recently increased UK bank levy on our global liabilities,
which prior to this was already a significant drag on our returns,
and, beyond this, it reduces the returns from our overseas
activities compared with non-UK competitors.
All of this has, and continues to require, considerable
management and Board attention, with consequent significant
restructuring cost and regulatory fines, much of which is non-tax
deductible.
Fortunately, following the severe crisis in 2012, a great deal
has changed for the better. Management has made substantive
progress in improving our operating performance, and in rebuilding
the capital and balance sheet strength of the Group.
We have been highly innovative in enhancing the levels of
customer service, and in building customer and community trust.
Barclays has attained a leadership position in a number of new
digital and mobile applications, with greater ease and reliability
of service, principally through embracing mobile technology and by
transforming much of the legacy technology and operational
infrastructure and processes so as to be fit for the modern
world.
There has been a particular focus on creating a high performance
ethic, an enlightened culture across the Group as well as ensuring
appropriate levels of conduct.
Barclays benefits from having enormous diversity, and has
accrued tremendous strengths on which we can build. Our brand,
which was so negatively impacted by the 2012 crisis, is recovering
well. We all know however, it will take time to achieve admired
status by our customers, but we are pleased with progress to date
and the response from our customers.
We are very fortunate to have a leading position in UK retail,
small business and corporate banking that is the traditional
heritage of the firm. We also have a strong and respected client
franchise in major company corporate banking, institutional
banking, and in investment banking, particularly in the UK and in
North America but with a reach broader than that.
At the same time we have made Barclaycard the leader in the UK
cards and payments sector, and it is well-positioned and growing
rapidly in its international markets.
Additionally, we have a particularly strong and growing position
in Africa, particularly South Africa.
So, we do have a sound foundation in our businesses for the
future, and while substantial progress has been achieved as a
result of our "Transform" Programme, it is transparent that a great
deal still needs to be done.
Looking forward therefore, first and foremost, in the light of
the current issues in our portfolio as well as the rapidly changing
external economic and regulatory environment, it is appropriate
that we continue to evolve the strategy to fit the times and retain
clarity on the proposition we are trying to build.
We do have a number of growth options. Unfortunately we are not
able to pursue as many of them as we would wish in earnest, as we
currently need to allocate significant resources to other
priorities. We need to get ourselves into a position where we can
pursue more of them.
Secondly, we need to advance the work on restructuring our legal
entities in the UK and the US, wind down our Non-Core exposures and
assets, and achieve our target capital levels.
Thirdly, we need to reposition and improve those segments across
the Barclays Group, which operate below our required return. We
need to take a considered view as to their prospects as well as the
probability of their future success, and put in place plans and
action to improve them or curtail those that are unable to be
resuscitated.
Finally, we need to ensure that Barclays is an attractive
investment proposition going forward. Currently we are still
trading below book value and with a dividend level less than we
would wish. We therefore remain a recovery proposition for
shareholders that we need to see through. We need to complete this
phase and move to a sustainable long-term proposition that has an
appropriate balance between dividend yield and EPS growth. This
would require us to produce free capital and cash flow for
dividends and investment. Recently, since below the line costs
broadly offset our above the line operating profit, we have so far
been unable to secure such a position satisfactorily. We therefore
need to get the errors of the past behind us, to achieve a
satisfactory rate of revenue growth, greater cost discipline and a
more dynamic reallocation of capital.
So progress continues, but there is much to do. While the
challenge we face is formidable, and not to be underestimated,
bringing Barclays to the level of success to which we aspire, is
important, not only for shareholders, but also to our customers,
our people, the societies in which we operate, and to the industry
as a whole where we play such a leading part.
You can be assured that the Board, Antony and I are fully
committed to harnessing this opportunity for shareholders. Speaking
purely personally, and with the confidence that comes with
familiarity with the situation, as well as with having dealt with a
number of similar situations in the past, I am optimistic of the
outcome.
John McFarlane
-Ends-
For further information please contact:
ANALYSTS AND INVESTORS
Charles Rozes +44 (0)20 7116 5752
MEDIA
Will Bowen +44 (0)20 3134 7744
About Barclays
Barclays is an international financial services provider engaged
in personal, corporate and investment banking, credit cards and
wealth management with an extensive presence in Europe, the
Americas, Africa and Asia. Barclays' purpose is to help people
achieve their ambitions - in the right way.
With 325 years of history and expertise in banking, Barclays
operates in over 50 countries and employs over 130,000 people.
Barclays moves, lends, invests and protects money for customers and
clients worldwide.
For further information about Barclays, please visit our website
www.barclays.com
Forward-looking statements
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and Section 27A of the US Securities Act of 1933,
as amended, with respect to certain of the Barclays Group's (the
"Group") plans and its current goals and expectations relating to
its future financial condition and performance. Barclays cautions
readers that no forward-looking statement is a guarantee of future
performance and that actual results could differ materially from
those contained in the forward-looking statements. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements sometimes use words such as "may", "will", "seek",
"continue", "aim", "anticipate", "target", "projected", "expect",
"estimate", "intend", "plan", "goal", "believe", "achieve" or other
words of similar meaning. Examples of forward-looking statements
include, among others, statements regarding the Group's future
financial position, income growth, assets, impairment charges,
business strategy, capital ratios, leverage, payment of dividends,
projected levels of growth in the banking and financial markets,
projected costs, commitments in connection with the Transform
Programme, estimates of capital expenditures and plans and
objectives for future operations and other statements that are not
historical fact. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances, including, but not limited to, UK domestic,
Eurozone and global macroeconomic and business conditions, the
effects of continued volatility in credit markets, market related
risks such as changes in interest rates and foreign exchange rates,
effects of changes in valuation of credit market exposures, changes
in valuation of issued notes, the policies and actions of
governmental and regulatory authorities (including requirements
regarding capital and Group structures and the potential for one or
more countries exiting the Eurozone), changes in legislation, the
further development of standards and interpretations under
International Financial Reporting Standards ("IFRS") and prudential
capital rules applicable to past, current and future periods,
evolving practices with regard to the interpretation and
application of standards, the outcome of current and future legal
proceedings, the success of future acquisitions, disposals and
other strategic transactions and the impact of competition, a
number of such factors being beyond the Group's control. As a
result, the Group's actual future results may differ materially
from the plans, goals, and expectations set forth in the Group's
forward-looking statements.
Any forward-looking statements made herein speak only as of the
date they are made. Except as required by the Prudential Regulation
Authority, the Financial Conduct Authority, the London Stock
Exchange plc (the "LSE") or applicable law, Barclays expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Barclays expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based. The reader should, however,
consult any additional disclosures that Barclays has made or may
make in documents it has published or may publish via the
Regulatory News Service of the LSE and/or has filed or may file
with the US Securities and Exchange Commission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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