Barclays in Europe sale to cut costs

Barclays will hoist a For Sale sign over its businesses in Spain, France, Italy and Portugal when it unveils the findings of its latest strategic review on Thursday.

The lender, which is looking to cut costs across its operations, is under pressure following a series of pay controversies. It will also update investors on its first-quarter trading just days after the head of its US business, Hugh "Skip" McGee, quit. He was replaced by Joe Gold.