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| Barclays reports fall in profits | Barclays reports fall in profits |
| (35 minutes later) | |
| Barclays has reported a drop in full-year profits, and announced plans to cut its dividend and sell down its stake in its Africa business. | Barclays has reported a drop in full-year profits, and announced plans to cut its dividend and sell down its stake in its Africa business. |
| Underlying annual profits for 2015 fell 2% to £5.4bn. The bank said it would cut its dividend by more than half to 3p per share in 2016 and 2017. | Underlying annual profits for 2015 fell 2% to £5.4bn. The bank said it would cut its dividend by more than half to 3p per share in 2016 and 2017. |
| Barclays also announced a further £1.45bn provision for PPI mis-selling. | Barclays also announced a further £1.45bn provision for PPI mis-selling. |
| The bank said it planned to sell down its 62.3% stake in its Africa business in the next two to three years. | The bank said it planned to sell down its 62.3% stake in its Africa business in the next two to three years. |
| Barclays also said its bonus pool for staff in 2015 had shrunk 10% to £1.67bn. | Barclays also said its bonus pool for staff in 2015 had shrunk 10% to £1.67bn. |
| The bank said it wanted to simplify its business by focusing on two main core divisions - Barclays UK and Barclays Corporate & International. | |
| "Barclays is fundamentally on the right path, and is, at its core, a very good business," said chief executive Jes Staley in the results statement. | |
| "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." | |
| Mr Staley told the BBC that the bank's decision on Africa had been "very difficult". | |
| "You go to places like Uganda and Kenya and the brand of Barclays is as strong there as it is in the UK," he said. | |
| "But we have to make some very difficult decisions if we are going to get Barclays into focused, clear, compelling business model that generates returns for our shareholders." |