Barclays PLC
Diversified Universal Banking and Financial ServicesFounded 1690- Updated June 2025
Reviewed by Swet Parvadiya
Last reviewed: June 2025
CorpDigest
Barclays PLC
Financial Performance
Last reviewed: June 2025 · By Swet Parvadiya
Revenue
$31.1B
Market Cap
$42.0B
Net Income
$8.2B
Employees
83,000
Barclays bought Lehman Brothers' North American operations from bankruptcy for $1.75 billion in September 2008 — four days after the investment bank collapsed and triggered the worst financial crisis in 80 years. The modern institution, led by CEO C.S. Venkatakrishnan, generated $31.1 billion in total revenue in FY2024 with 83,000 employees operating across UK retail banking and international corporate and investment banking. Revenue of $31.1 billion in FY2024, up from $29.5 billion in 2023 and $27.8 billion in 2022, reflects the UK retail net interest margin expansion from higher Bank of England base rates and the cyclical recovery of corporate lending volumes. Net income of $8.2 billion represents a 26.4% net margin — high by European banking standards, reflecting the investment banking contribution to total earnings. The LIBOR settlement in 2012 cost $450 million in direct regulatory penalties and materially more in reputational and management disruption. Market capitalization of approximately $42 billion prices Barclays at roughly 5x net income — the characteristic discount that European banks trade at relative to US peers, reflecting lower structural growth rates, more burdensome regulatory capital requirements, and investor skepticism about whether European economies can sustain the lending demand growth that American banks have historically enjoyed.
Revenue Trend Analysis
YoY Change
+5.4%
2-Year CAGR
+5.8%
Peak Year
2024
Trend
Consistent Growth
Barclays PLC has reported revenue across 3 fiscal years, compounding at +5.8% annually over 2 years. The most recent year saw a 5.4% increase versus the prior year. Revenue peaked in 2024 at $31.1B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $31.1B | $8.2B | +5.4% |
| FY2023 | $29.5B | — | +6.1% |
| FY2022 | $27.8B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Barclays' £8.2 billion net income represents a return on tangible equity (RoTE) of approximately 12%, below its 12%+ target and lagging US peers JPMorgan (17%) and Goldman Sachs (15%) who benefit from deeper capital markets and domestic deposit bases. The profitability gap reflects structural disadvantages: UK retail banking faces margin compression, investment banking costs are higher in London than New York, and the ring-fencing regulation requires duplicated governance. Management's 'Barclays 2026' plan targets RoTE above 12% through cost reduction, US card exit, and Barclays UK margin improvement as the interest rate environment normalises.
Each 25 basis point change in the Bank of England base rate affects Barclays' annual net interest income by approximately £200-300 million through its UK mortgage and deposit book, with rising rates typically improving Barclays UK margins while having minimal direct impact on investment banking revenues. The 2022-2023 BoE rate increases from 0.1% to 5.25% added approximately £1.5-2.0 billion to Barclays UK's annual NII, driving the division's profitability recovery after years of near-zero rate compression. However, rising rates also increase mortgage stress for borrowers — UK tracker-mortgage holders faced immediate payment increases of £200-400 monthly per 100bps rise — creating credit quality risk that partially offsets the NII benefit.
Barclays maintains a CET1 ratio of 13.6%, above its 13-14% target and well above the PRA's minimum of 11.2%, generating capital surplus that funds approximately £2.5 billion in annual share buybacks plus a 2.9 pence/share dividend. The bank's capital generation of 150-200 basis points annually supports buybacks equal to 5-8% of market cap, potentially the most significant driver of per-share value for a bank trading at 0.5-0.6x tangible book value. Barclays trades at a persistent discount to US peers despite comparable profitability because UK bank valuations reflect regulatory uncertainty, slower domestic growth, and European geopolitical risk premia.
Barclays incurred a £1.4 billion loss in 2022 after accidentally over-issuing $17.7 billion in structured notes in the US beyond its SEC-registered $20.8 billion programme limit, requiring a costly buy-back of excess securities and SEC registration statement rescission. The operational error — attributed to inadequate tracking systems and compliance controls — forced Barclays to offer to repurchase the excess instruments at purchase price, resulting in actual buy-backs of £1.4 billion net of costs recovered. The incident revealed weaknesses in Barclays' US structured products operational infrastructure and triggered regulatory scrutiny, with CEO Venkatakrishnan describing it as 'unacceptable' and implementing remediation programmes.
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CorpDigest. "Barclays PLC Revenue & Financials." CorpDigest, https://corpdigest.com/company/barclays/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Barclays PLC reported $31B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/barclays/financials" target="_blank" rel="noopener">CorpDigest — Barclays PLC financials</a></div>