Barclays is a diversified bank, with revenues mainly from the UK (2010 in 40%) and Americas (25%). The bank’s main divisions are Global Retail Banking, Barclays Capital and Absa. Earnings grew by 8% in 2010, down from more than 100% in 2009 (helped by the acquisition of Lehman Bros’ North American operations and the general recovery of the global economy). To reduce dependence on IB, Barclays aims to increase the contribution of earnings from other businesses. Initiatives taken include acquiring a credit card business, setting up a life insurance joint venture in 2009 and planning GBP 350m investment in wealth management over five years. While total impairments fell 30% y-o-y in 2010, credit quality could be held back by loans to PIIGS countries. Although the sale of Barclays Global Investors asset management business lifted capital ratios, high sovereign exposure to PIIGS is also a risk to capital position, Core Tier 1 capital ratio of 10.8% in 2010. Barclays result is largely affected by the level of activity in the financial markets.