Barclays’ profit rose in the third quarter
Barclays Plc says profit rose 35% in the third quarter as revenue from fixed-income trading surged to the highest in more than two years
Barclays Plc said profit rose 35% in the third quarter as revenue from fixed-income trading surged to the highest in more than two years. Pretax profit climbed to £837m ($1.02 billion) from £619m a year earlier, the London-based lender said in a statement on Thursday. Excluding one-time items, profit was £1.7bn, beating the £1.53bn-pound average estimate of five analysts surveyed by Bloomberg News. The results may help CEO Jes Staley convince investors of the advantage of keeping an investment bank, even after it posted lower returns than the lender’s other businesses in recent years. Staley has said that calls to spin off the unit are "shortsighted" because it serves as a counterweight to the retail divisions, which analysts forecast will be hit by a slowdown in the UK economy after the Brexit vote. The bank set aside £600m to compensate customers for wrongly sold payment protection insurance. The firm’s non-core division posted a £94m-pound loss while risk-weighted assets in the u...
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