Barclays announces stunted profits
By Tom WrightBarclays has announced a fall in profits for the third-quarter of this year
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Barclays has announced a fall in profits for the third-quarter of this year.
The high street bank reported adjusted profit before tax of £1.43bn, down from £1.85bn in the previous quarter and 10% lower than the £1.59bn it made in the same period a year ago.
The results were published just one day after the bank confirmed that Jes Stanley will be its new CEO.
John McFarlane, Chairman at Barclays, said in a statement: “Today’s results show another quarter of progress in our core businesses alongside the early effects of some of the changes that we are making.
“We are pleased that Jes Staley will join us on 1 December as Group Chief Executive Officer, earlier than expected, and we are in the final stage of appointing a Senior Independent Director and Deputy Chairman to replace Sir Mike Rake on his retirement from the board in the near future.
“As we align Barclays around our three priorities – focus on core (segments and markets), generating shareholder value, and instilling a high performance culture with strong ethical values - we now have a forward agenda that has been discussed and agreed with Mr Staley.”
Barclays has set aside £560m to deal with settlements, including £270m to cover US claims over mortgage bonds and £290m to compensate clients over bad foreign exchange transactions.
Keywords: barclays, high street bank, lender, profits, Q3, medianett, bridging and commercial, jes staley, john mcfarlane
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/barclays-announces-stunted-profits-1