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