Business

Friday 9 December 2016

Barclays says Q3 profits fall 10 pct, takes hit for FX compensation

Steve Slater

Published 29/10/2015 | 09:32

File photo dated 05/02/13 of a branch of Barclays as the bank is reportedly planning to axe more than 30,000 jobs as it speeds up a cost-cutting strategy after firing chief executive Antony Jenkins. PRESS ASSOCIATION Photo. Issue date: Monday July 20, 2015. A radical redundancy programme could see the bank's global workforce fall from 132,000 to below 100,000 by the end of 2017, according to The Times. See PA story CITY Barclays. Photo credit should read: Joe Giddens/PA Wire
File photo dated 05/02/13 of a branch of Barclays as the bank is reportedly planning to axe more than 30,000 jobs as it speeds up a cost-cutting strategy after firing chief executive Antony Jenkins. PRESS ASSOCIATION Photo. Issue date: Monday July 20, 2015. A radical redundancy programme could see the bank's global workforce fall from 132,000 to below 100,000 by the end of 2017, according to The Times. See PA story CITY Barclays. Photo credit should read: Joe Giddens/PA Wire

British bank Barclays took a £560m (€780m) hit to compensate customers mis-sold foreign exchange products and to cover a U.S. mortgages settlement, as it reported a 10pc drop in quarterly profits.

  • Go To

Barclays said on Thursday it made a £290m (€404m) provision to compensate UK customers following an internal review of rates given on foreign exchange transactions between 2005 and 2012.

Barclays reported an adjusted pretax profit of £1.43bn (€1.99bn) for the three months to the end of September, from 1.59 billion a year ago and below the average forecast of 1.65 billion from analysts polled by the company.

Barclays this week said former JPMorgan investment bank boss Jes Staley would become its new chief executive in December.

Reuters

Read More

Promoted articles

Editors Choice

Also in Business