Qatar’s sovereign wealth fund is cutting its stake in Barclays, a British bank that is under pressure from investors to overhaul its strategy and improve performance, the FT reported.
Qatar Holding, a subsidiary of Qatar Investment Authority (QIA), which helped Barclays during the global financial crisis, on Monday began selling nearly 362 million shares for about £510 million.
QIA is Barclays’ second-largest shareholder, according to data compiled by Bloomberg, and its stake is expected to fall from 5.3% to 2.9% as a result of the share sale.
The FT also reported last week that Barclays is exploring a plan to cut thousands of customers at its investment bank as part of a major overhaul designed to cut costs by £1 billion and boost profits.
Barclays’ stock fell as much as 4.5% in early trading and was last down 2.5% later on.