Barclays' (BCS) CEO James Staley on Q4 2017 Results - Earnings Call Transcript

Feb. 22, 2018 2:40 PM ETBarclays PLC (BCS)1 Comment
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Barclays PLC (NYSE:BCS) Q4 2017 Earnings Conference Call February 22, 2018 4:30 AM ET

Executives

James Staley - Group CEO & Director

Tushar Morzaria - Group Finance Director & Director

Analysts

Michael Helsby - Bank of America Merrill Lynch

Thomas Rayner - Exane BNP Paribas

Andrew Coombs - Citigroup

Martin Leitgeb - Goldman Sachs Group Inc.

Claire Kane - Crédit Suisse AG

Fahed Kunwar - Redburn

Alastair Ryan - Bank of America Merrill Lynch

Jonathan Pierce - Exane BNP Paribas

Edward Firth - Macquarie Research

Christopher Cant - Autonomous Research

Robert Noble - RBC Capital Markets

Raul Sinha - JPMorgan Chase & Co.

James Staley

Good morning, everyone, and thank you for joining our full year earnings presentation. 2017 was a year of considerable strategic progress for Barclays. On the 1st of June, we continued the sell-down of our shareholding in Barclays Africa to a level which will permit regulatory deconsolidation.

We closed Barclays Non-Core unit six months ahead of time on the 1st of July. So over a two-year period, our Non-Core team eliminated some £95 billion of risk-weighted assets, sold more than 20 businesses and exited operations in a dozen countries. And we saw realized savings of over £2 billion. Between Africa, Non-Core and other restructuring, our overall payroll is now down some 56,000 people since I joined the firm a little over two years ago.

We've also established our service company, which employs 52,000 out of our total headcount of 80,000. The ServCo delivers a unified approach to our Core business processes such as operations, technology and functional services. By December, we largely completed the work to build our U.K. ring-fenced bank, which is expected to be up fully running six weeks from now. Taken together, these accomplishments mean that we have completed our restructuring of Barclays and strategically recast the company as a diversified, transatlantic, consumer and

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