Barclays 2008 Annual Report Download - page 26

24 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
Financial review
Income statement commentary
UK Retail Banking headcount decreased 3,800 to 30,700
(2006: 34,500), due to efficiency initiatives in back-office operations and
the transfer of operations personnel to Barclays Commercial Bank. Barclays
Commercial Bank headcount increased 1,100 to 9,200 (2006: 8,100) due
to the transfer of operations personnel from UK Retail Banking and
additional investment in front line staff to drive improved geographical
coverage. Barclaycard staff numbers decreased 200 to 8,900
(2006: 9,100), due to efficiency initiatives implemented across the UK
operation and the sale of part of the Monument card portfolio, partially
offset by an increase in the International cards businesses. GRCB –
Western Europe staff numbers increased 2,200 to 8,800 (2006: 6,600)
and GRCB – Emerging Markets staff numbers increased 6,300 to 13,900
(2006: 7,600) due to growth in the distribution network. GRCB – Absa staff
numbers increased 2,800 to 35,800 (2006: 33,000) reflecting growth
in the business and distribution network.
Barclays Capital staff numbers increased 3,000 to 16,200
(2006: 13,200) including 800 from the acquisition of EquiFirst. This
reflected further investment in the front office, systems development and
control functions to support continued business expansion. The majority
of organic growth was in Asia Pacific. Barclays Global Investors staff
numbers increased 700 to 3,400 (2006: 2,700). Headcount increased
in all geographical regions and across product groups and the support
functions, reflecting continued investment to support further growth.
Barclays Wealth staff numbers increased 300 to 6,900 (2006: 6,600)
principally due to the acquisition of Walbrook and increased client-
facing professionals.
Share of post-tax results of associates and joint ventures
2008/07
The overall share of post-tax results of associates and joint ventures
decreased £28m to £14m (2007: £42m).The share of results from
associates decreased £11m mainly due to reduced contribution from
private equity associates. The share of results from joint ventures
decreased £17m mainly due to reduced contribution from Barclays
Capital joint ventures.
2007/06
The overall share of post-tax results of associates and joint ventures
decreased £4m to £42m (2006: £46m). The share of results from
associates decreased £20m mainly due to the sale of FirstCaribbean
International Bank (2006: £41m) at the end of 2006, partially offset by
an increased contribution from private equity associates. The share of
results from joint ventures increased by £16m mainly due to the
contribution from private equity entities.
Profit on disposal of subsidiaries, associates and joint ventures
2008/07
On 31st October 2008 Barclays completed the sale of Barclays Life
Assurance Company Ltd to Swiss Reinsurance Company for a net
consideration of £729m leading to a net profit on disposal of £326m.
2007/06
The profit on disposal in 2007 related mainly to the disposal of the Group’s
shareholdings in Gabetti Property Solutions (£8m) and Intelenet Global
Services (£13m).
Share of post-tax results of associates and joint ventures
2008 2007 2006
£m £m £m
Profit from associates 22 33 53
(Loss)/profit from joint ventures (8) 9 (7)
Share of post-tax results of
associates and joint ventures 14 42 46
Profit on disposal of subsidiaries, associates and joint ventures
2008 2007 2006
£m £m £m
Profit on disposal of subsidiaries,
associates and joint ventures 327 28 323