Barclays focused on the simplification of its operations and organization during the first half of 2024 as it leaned into its cloud strategy and upgraded legacy systems. 

The London-based bank plans to increase its workload on the cloud to 85% to 90% from 75%, according to today’s earnings presentation. 

Additionally, Barclays is upgrading its legacy technology, according to the presentation. The bank has already decommissioned 400 legacy applications and plans to decommission up to 500 more. 

BY THE NUMBERS: Barclays reported in the first half of the year: 

• Total income fell 2% year over year to 13.3 billion pounds ($16.9 billion); and 

• Net interest income fell 3% YoY $7.8 billion. 

NOTEWORTHY: Ross Jones, global head of corporate payments at Barclays, will speak at Bank Automation Summit Europe 2024 about the instant payments landscape in the European Union. 

He will speak on Tuesday, Oct. 8, at 3 p.m. GMT+1 on the panel “The evolution of instant payments in Europe.” 

MARKET REACTION: Barclays shares were trading at $222.90 down 4.66% at 3:08 p.m. ET on Thursday. Barclays has a market capitalization of $32.8 billion. 

Editor’s note: All figures have been converted to U.S. dollars. 

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Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.