Barclays Plummets as Bank Slashes Dividend in Plan to Shrink

``Barclays Plc fell the most in more than three years in London trading as investors balked at Chief Executive Officer Jes Staley's pitch that more short-term pain will be necessary for the bank to right itself. The lender cut its dividend for the next two years and said costs from its non-core division will rise this year as it accelerates the unit's wind-down, according to a statement Tuesday. The shares plummeted 9.3 percent to 156 pence at 2:41 p.m. in London, the most since June 2012. The stock has dropped 29 percent this year, more than any other large U.K. lender.''