Barclays first-quarter profit hit by restructuring charge

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LONDON | Wed Apr 24, 2013 2:20am EDT





LONDON (Reuters) – British bank Barclays (BARC.L) said first-quarter profit fell a quarter from a year ago after a rise in losses in its European business and a hefty bill for the cost of a restructuring plan by its new chief executive.




Barclays on Wednesday reported an adjusted pretax profit for the three months ended March of 1.79 billion pounds ($ 2.74 billion), down from 2.4 billion a year ago and just below a mean forecast of 1.85 billion from analysts polled by the company.




Profits were dented by a 514-million-pound charge to cover costs associated with “Project Transform”, CEO Antony Jenkins’ plan to axe 3,700 jobs, prune the investment bank and reform the bank’s culture after a series of scandals.




(Reporting by Steve Slater; Editing by Mark Potter)



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Reuters: Business News

Barclays first-quarter profit hit by restructuring charge

Barclays put profit ahead of customers

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The logo of Barclays bank is seen at its office in the Canary Wharf business district of London April 1, 2013.


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LONDON | Wed Apr 3, 2013 6:24am EDT





LONDON (Reuters) – Barclays (BARC.L) put profit ahead of customers and standards within the bank were allowed to slip from the early 2000s, veteran lawyer Anthony Salz said following his review of business practices at Britain’s second-largest lender.




Salz was commissioned by Barclays to conduct the review in July last year after the bank was fined $ 450 million for its role in a global interest rate rigging scandal.




“Through the 2000s, there was a very short-term focus on profit which led to a problem with culture and values. It appeared to emphasize financial performance rather than looking after customers. That was reinforced by the pay structures,” Salz said in an interview on Wednesday.




Salz also said that Barclays had an unsatisfactory relationship with Britain’s financial regulator.




“They were seen to become somewhat aggressive and a bit too clever by half and that led to less than ideal relationships including with the UK regulator,” he said.




(Reporting by Matt Scuffham. Editing by Carmel Crimmins)



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Reuters: Business News

Barclays put profit ahead of customers