Tuesday 1 March 2016 10:48 am

Barclays shares suspended from trading after falling 11 per cent

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.

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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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