Few themes have been as unpopular among investors in recent years as European investment banking and the UK. Barclays wants to double down on both.

The bank’s shares jumped around 6% on 20 February, despite disappointing 2023 financial results. Pre-tax earnings fell 6%, but investors cheered the promise of at least £10bn, equivalent to around $12.6bn, in dividends and buybacks between 2024 and 2026, as part of a broader strategic overhaul and cost-cutting campaign.