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Barclays to return £10bn to shareholders

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Barclays to return £10bn to shareholders

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Barclays has announced a plan to return £10bn to shareholders over the next three years and rein in costs as chief executive CS Venkatakrishnan attempts to revive the UK bank’s languishing share price.

In a series of changes set out on Tuesday, Barclays also said it would shake up its corporate structure, establishing five divisions spanning retail banking, wealth management and investment banking.

The plans are part of the first major strategy update at Barclays since 2016 and mark the biggest test for Venkatakrishnan since he succeeded Jes Staley in late 2021. Under both CEOs, Barclays’ investment bank has grown rapidly but failed to lift the group’s share price.

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Barclays said the £10bn capital return would come via share buybacks and dividends. Barclays returned £3bn to shareholders last year.

“Our new three-year plan, which we will be announcing at the investor update today, is designed to further improve Barclays’ operational and financial performance, driving higher returns and predictable, attractive shareholder distributions,” said Venkatakrishnan.

Barclays is also planning to keep a tight lid on expenses, aiming for a cost-to-income ratio of 63 per cent this year, down from 67 per cent in 2023. The bank wants the figure to fall to the “high 50s in percentage terms” by 2026, with total group operating expenses of £17bn, slightly higher than the £16.9bn reported for 2023.

The bank’s shares jumped 6 per cent in early trading on Tuesday.

Analysts at JPMorgan Cazenove wrote: “Overall, we think that management’s plans could imply double-digit upgrades to consensus forecasts at face value, but with the plans reliant on revenue growth (including IB), the focus is likely to be on the conviction and details behind the targets, along with confidence in execution.”

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The bank, which has roughly 85,000 employees, is trying to win over investors just as the boost from higher interest rates begins to fade. The Bank of England this month opened the door to cutting interest rates.

Shares of Barclays have fallen by a quarter since Venkatakrishnan took the top job in November 2021.

The bank said on Tuesday that it was aiming for a return on tangible equity of more than 12 per cent in 2026, up from an adjusted 10.6 per cent in 2023.

Following the change in corporate structure, the bank will be managed through five divisions: UK banking, UK corporate banking, private banking and wealth management, investment banking and US consumer banking.

Barclays announced new management for most of those divisions on Tuesday, with the investment bank being co-led by four people.

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Barclays also reported that pre-tax profits for last year fell to £6.6bn from £7bn a year earlier.

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Video: Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

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Americans Exposed to Hantavirus on Cruise Ship Arrive in United States

Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

We’re working diligently to ensure no one leaves the security in an unsecured way at an inappropriate time. No one who poses a risk to public health is walking out the front door of the streets of Omaha or beyond.

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Eighteen passengers who were aboard the MV Hondius, a cruise ship with a deadly hantavirus outbreak, landed in Omaha on a U.S. government medical flight. The passengers were being monitored at medical facilities in Nebraska and Georgia.

By Axel Boada

May 11, 2026

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

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White House Correspondents’ Dinner shooting suspect pleads not guilty in federal court

The man charged with attempting to assassinate President Donald Trump at the White House Correspondents’ Association dinner last month pleaded not guilty at a Monday arraignment in federal court.

Cole Tomas Allen, 31, wearing an orange shirt and trousers, was handcuffed and shackled as he was brought into the courtroom in Washington, D.C., federal court. His handcuffs were attached to a chain around his waist, which clanked as he was led to the defense table.

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Speaking on behalf of Allen, federal public defender Tezira Abe said her client “pleads not guilty to all four counts as charged,” including attempting to assassinate the president of the United States, in connection with the April 25 incident at the Washington Hilton hotel.

Assistant U.S. Attorney Charles Jones advised the court that they plan to start producing their first tranche of discovery to the defense by the end of the week.

Officials said Allen, a California teacher and engineer, was armed with multiple guns, as well as knives, when he sprinted through a security checkpoint near the event where Trump and other White House officials had gathered with journalists.

He was arrested after an exchange of gunfire with a U.S. Secret Service officer who fired at him multiple times, a criminal complaint said. Allen was not shot during the exchange. The officer, who was wearing a ballistic vest, was shot once in the chest, treated at a hospital and released.

Trump and top members of his Cabinet and Congress were quickly evacuated from the room as others ducked under tables.

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Allen was initially charged with attempting to assassinate the president, transportation of a firearm and ammunition through interstate commerce with intent to commit a felony, and discharge of a firearm during a crime of violence. On Tuesday, a federal grand jury indicted him on a new charge in the shooting of a Secret Service agent.

Moments before the attack, Allen had sent his family members a note apologizing and criticizing Trump without mentioning the president by name, according to a transcript of some of his writings provided to NBC News by a senior administration official. Allen also wrote that “administration officials (not including Mr. Patel)” were “targets.”

He also appeared to have taken a selfie in his hotel room. Prosecutors said Allen, who was dressed in a black button-down shirt and black pants, was “wearing a small leather bag consistent in appearance with the ammunition-filled bag later recovered from his person,” as well as a shoulder holster, a sheathed knife, pliers and wire cutters.

Officials have said they believe Allen had traveled by train from California to Washington, D.C., before checking into the hotel.

Allen’s sister, Avriana Allen, told law enforcement that her brother would make radical comments and constantly referenced a plan to fix the world, but said their parents were unaware that he had firearms in the home and that he would regularly train at shooting ranges.

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Records show that he had purchased a Maverick 12-gauge shotgun in August 2025 and an Armscor Precision .38 semiautomatic pistol in October 2023.

After his arrest, Allen told the FBI that he did not expect to survive the incident, according to Assistant U.S. Attorney Jocelyn Ballantine. He was briefly placed on suicide watch at the Washington, D.C., jail, where he’s being held.

Allen is expected to appear in court for a June 29 hearing.

At Monday’s arraignment, his legal team said they plan on asking for the “entire office” of the U.S. attorney for the District of Columbia to be recused because of U.S. Attorney Jeanine Pirro’s apparent involvement in the case in a “supervisory role.” Federal public defender Eugene Ohm said some of the evidence they receive from the government will further inform that decision.

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Maps: Earthquakes Shake Southern California

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Maps: Earthquakes Shake Southern California

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Shake intensity

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Pop. density

Note: Map shows the area with a shake intensity of 3 or greater, which U.S.G.S. defines as “weak,” though the earthquake may be felt outside the areas shown.  All times on the map are Pacific time. The New York Times

A cluster of earthquakes have struck near the U.S.-Mexico border, including ones with a 4.5 and 4.7 magnitude, according to the United States Geological Survey.

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As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Aftershocks detected

Subsequent quakes have been reported in the same area. Such temblors are typically aftershocks caused by minor adjustments along the portion of a fault that slipped at the time of the initial earthquake.

Quakes and aftershocks within 100 miles

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Aftershocks can occur days, weeks or even years after the first earthquake. These events can be of equal or larger magnitude to the initial earthquake, and they can continue to affect already damaged locations.

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When quakes and aftershocks occurred

 All times are Pacific time. The New York Times

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Sources: United States Geological Survey (epicenter, aftershocks, shake intensity); LandScan via Oak Ridge National Laboratory (population density) | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Pacific time. Shake data is as of Saturday, May 9 at 11:55 p.m. Eastern. Aftershocks data is as of Sunday, May 10 at 11:54 p.m. Eastern.

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