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Sunday 13 July 2014

Barclays profits fall, says cooperating with regulators

Published 30/10/2013|08:14

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A logo hangs outside a branch of Barclays bank in London July 30, 2013. REUTERS/Toby Melville
A logo hangs outside a branch of Barclays bank in London July 30, 2013. REUTERS/Toby Melville

Barclays said it is cooperating with regulators investigating the possible manipulation of currency trading by major banks after reporting profits fell by a quarter following a slump in its investment bank earnings.

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Barclays said on Wednesday it was reviewing its foreign exchange trading "covering a several year period" and was cooperating with authorities investigating possible attempts to manipulate certain benchmark currency exchange rates.

It joined UBS and Deutsche Bank, who said on Tuesday they were cooperating with regulators probing alleged rigging in the $5.3 trillion-a-day foreign exchange market.

The investigation adds to a string of regulatory probes to hinder Barclays boss Antony Jenkins, who took over as chief executive 14 months ago and is trying to rebuild the bank's reputation after a series of scandals.

Barclays reported an underlying pretax profit of £1.4bn for the three months to the end of September, down from £1.9bn a year ago but above an average forecast of £1.25bn from analysts polled by the company.

Profits at its investment bank fell to £463m, down from £988m a year ago and below expectations. It was the unit's lowest profit since the end of 2011 and was largely due to a 44pc slump in revenues in its fixed income, currency and commodities in the latest quarter.

Barclays said its common equity Tier 1 capital ratio under full Basel rules improved to an estimated 96pc including the £5.8bn it raised in a rights issue last month.

 

Reuters

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