Barclays planning Blackrock sale to improve shareholder return

Banking giant Barclays has said it is to sell its 6.1 billion US dollar (£3.8 billion) stake in investment manager Blackrock as it comes under pressure to improve its return to shareholders.

Barclays said the asset management firm has agreed to repurchase 1 billion US dollars (£632 million) worth of the 19.6% stake the bank holds, while the remainder will be listed on a stock exchange, with pricing to be confirmed.