Barclays CEO Says Stock Rally Shows New Strategy Has Support [BNN Bloomberg (Canada)]
TESCO PLC S/ADR (TSCDY)
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Source: BNN Bloomberg
Shares in Barclays have surged more than 40% after executives unveiled the strategy at an investor update in February, making it one of the UK's best performing bank stocks so far this year. “Explaining our plan is only the first step,” Venkatakrishnan said at the lender's annual general meeting of shareholders in Glasgow, Scotland on Thursday. “Quarter after quarter, we need to demonstrate that we are focused on and committed to our plan and the goals of growth, capital return and rebalancing the business.” In February, Venkatakrishnan said he was revamping the bank's business structure and vowed to cut billions in costs as part of his efforts to boost profits at the London-based bank. He also promised to return at least £10 billion ($12.5 billion) to investors in the coming years. Despite the recent rally in shares, Barclays's stock still trades at a sharp discount to book value and continues to lag most major US and European rivals. The company has long faced questions from
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