11:28 AM EDT, 05/09/2024 (MT Newswires) -- Barclays ( JJCTF ) Chief Executive Coimbatore Sundararajan Venkatakrishnan said Thursday that recent gains in the bank's share prices are "early evidence" that investors back a strategy unveiled in February to boost investments in the UK, among other initiatives, Bloomberg reported.

"Explaining our plan is only the first step," Bloomberg quoted Venkatakrishnan as saying at the bank's shareholder meeting in Glasgow, Scotland.

"Quarter after quarter, we need to demonstrate that we are focused on and committed to our plan and the goals of growth, capital return and rebalancing the business," he said at the meeting, according to the report.

In February, Barclays ( JJCTF ) disclosed a plan to cut costs, return shareholder capital and invest in its UK businesses by 2026.

At the time, Venkatakrishnan said the anticipated improved profitability would allow the bank to distribute at least 10 billion British pounds ($12.52 billion) to shareholders between 2024 and 2026, according to a Capital IQ transcript.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 10.76, Change: +0.04, Percent Change: +0.33