Company - - Oct 25,2018
Profits at Barclays rush higher in the third quarter due to positive investment banking and retail divisions; Jes Staley seems optimistic about the future.
Revenue from Barclays’ markets trading business swelled by 19% to £1.2bn, as reported in the third quarter.
According to CEO Jes Staley, the bank was performing well, even though Brexit insecurity "weighing heavily on market sentiment".
The profits acquired by Barclays for the first nine months of this year dropped as compared to the figures recorded at the same time last year. The bank had to pay a £1.4bn penalty in the United States as a result of mis-selling financial products before the year 2008.
Head of markets at Interactive Investor, Richard Hunter, mentioned that even though the bank is struggling to commit these charges to history, the investors would be relieved the moment they “cease to become an important part of the narrative."
Further, aiming to lessen annual funding costs, the bank stated it will exchange $2.65 billion valued in preference shares.
Barclays conveyed its core capital ratio was marked at 13.2 percent by the end of the third quarter.
Looking at the past, the bank has writhed to manage its reputation due to several years of scandal. The recent one centered on accusations leading to unlawful whistle-blower exploitation in early 2017.
In addition, Barclays has cut down its staff by 56,000, and even vended 22 business globally with the shutdown of its retail banking industry in continental Africa.
Britain is expected to make an exit from the EU by March next year. Therefore, a variety of bankers are hoping to analyze the actions taken by EU bank branches across the U.K., as well as British branches across the EU once the Brexit actually happens.