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31/10/2012
Barclays Reports Loss Amid Regulatory Probes
Barclays has reported a pre-tax quarterly loss of £47m.
The bank, who reported £2.4bn profit over the same period last year, blamed the mis-selling of payment protection insurance (PPI) costs and a £1bn charge against the value of the bank's own credit.
Underlying pre-tax profits for the third quarter reached £1.7bn, compared with £1.3bn last year.
The investment bank reported pre-tax profits of £937m, while UK retail banking fell 19% year-on-year to £400m.
Chief executive, Anthony Jenkins, believes Barclays will end 2012 in a "strong position".
"These results demonstrate that we continue to have good momentum in our businesses despite the difficulties we faced through this period.
"While we have much to do to restore trust among stakeholders, our universal banking franchise remains strong and well positioned."
They also announced that the company is the subject of two new regulatory probes in the backdrop of the Libor rate-rigging scandal.
The US Department of Justice and US Securities and Exchange Commission are investigating whether its relationships with third parties who help it win or retain business are compliant with the US Foreign Corrupt Practices Act.
It is also being investigated for past power trading in the US.
"The spectre of more damage to the bank's reputation in the form of further regulatory probes is weighing heavily on the shares in early trade," Richard Hunter, head of equities at Hargreaves Lansdown, told the BBC.
"Barclays' outlook statement is also cautious, whilst the previously announced extra PPI provision has dented the overall performance. On the upside, the bank has seen a reduction in impairments and costs, has further bolstered its capital position and has reduced its exposure to the weak peripheral European markets."
(GK)
The bank, who reported £2.4bn profit over the same period last year, blamed the mis-selling of payment protection insurance (PPI) costs and a £1bn charge against the value of the bank's own credit.
Underlying pre-tax profits for the third quarter reached £1.7bn, compared with £1.3bn last year.
The investment bank reported pre-tax profits of £937m, while UK retail banking fell 19% year-on-year to £400m.
Chief executive, Anthony Jenkins, believes Barclays will end 2012 in a "strong position".
"These results demonstrate that we continue to have good momentum in our businesses despite the difficulties we faced through this period.
"While we have much to do to restore trust among stakeholders, our universal banking franchise remains strong and well positioned."
They also announced that the company is the subject of two new regulatory probes in the backdrop of the Libor rate-rigging scandal.
The US Department of Justice and US Securities and Exchange Commission are investigating whether its relationships with third parties who help it win or retain business are compliant with the US Foreign Corrupt Practices Act.
It is also being investigated for past power trading in the US.
"The spectre of more damage to the bank's reputation in the form of further regulatory probes is weighing heavily on the shares in early trade," Richard Hunter, head of equities at Hargreaves Lansdown, told the BBC.
"Barclays' outlook statement is also cautious, whilst the previously announced extra PPI provision has dented the overall performance. On the upside, the bank has seen a reduction in impairments and costs, has further bolstered its capital position and has reduced its exposure to the weak peripheral European markets."
(GK)
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