Barclays is a UK-headquartered universal bank operating across retail banking, investment banking, corporate banking, US consumer lending, and wealth management. Its two largest businesses are the Barclays Investment Bank and Barclays UK, which together account for roughly three-quarters of group income. Barclays UK serves over 20 million retail customers through current accounts, savings, mortgages, and credit cards (under the Barclaycard brand), along with small and medium-sized businesses. The Investment Bank provides advisory, capital markets, financing, and trading services to corporate, institutional, and government clients globally, operating as a full-service investment bank from hubs in London, New York, and Asia. Barclays also runs a US Consumer Bank focused on co-branded credit cards with more than 25 million customers and roughly 20 brand partnerships. Barclays earns revenue through net interest income, fees, and trading. A key driver of NII is its structural hedge, where Barclays invests stable customer deposits at fixed rates for multi-year terms, smoothing earnings through rate cycles and providing a durable NII tailwind as lower-yielding hedges mature and are reinvested at higher rates. Barclays' medium-term strategy focuses on rebalancing capital away from the Investment Bank toward its higher-returning UK businesses, expanding US Consumer Bank margins, and improving group operating efficiency toward a cost-to-income ratio in the low 50s% by 2028.