Barclays shares suspended from trading after falling 11 per cent

 
Catherine Neilan
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Barclays Bank Cuts 14,000 Jobs
Barclays share price has fallen off a cliff... (Source: Getty)

Trading in Barclays was suspended this morning after the bank's share price plummeted more than eight per cent, following another dismal set of results and news of a major restructure.

Barclays' share price tumbled 11 per cent in mid-morning trading, before being halted briefly.

Trading was resumed shortly afterwards, but the share price was still down around 10.6 per cent at pixel time.

1 March 2016 @ 10:15amBarclays (BARC)

The bank unveiled plans to simplify its structure this morning, which will include reducing its stake in its Africa division "to a level which permits accounting and regulatory deconsolidation over the next two to three years". It will also split the bank into two divisions - Barclays UK and Barclays Corporate & International.

Read more: What you need to know about Barclays' new structure

But Jes Staley's new vision also included a warning that dividends would be more than halved for the next two years, and it came on top of further full year declines.

Pre-tax profits for 2015 were eight per cent down on the year before, dropping to £2.1bn, in part because of continued fines for ongoing issues such as PPI and forex. Its Africa arm also had a disappointing performance.

As a result, it was bottom of the FTSE 100 for much of the morning, vying with Ashtead Group for worst position of the day.

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