Barclays takes extra 750 million-pound FX provision as profits rise, Barclays (BARC.L) has set aside an extra 750 million pounds for potential fines arising from allegations of manipulation in the foreign exchange market as the British bank's annual profits rose a higher-than-expected 12 percent thanks to a sharp cut in costs.
Barclays said on Tuesday it made a 2014 adjusted pretax profit of 5.5 billion pounds, up from a restated 4.9 billion in 2013 and above the average analyst forecast of 5.3 billion pounds.
The adjusted figure does not include the additional provisions for litigation which rose 250 percent over the year to 1.7 billion pounds. Separately, Barclays set aside an extra 200 million pounds in the fourth quarter to compensate UK customers who were mis-sold insurance products....Read More
Barclays said on Tuesday it made a 2014 adjusted pretax profit of 5.5 billion pounds, up from a restated 4.9 billion in 2013 and above the average analyst forecast of 5.3 billion pounds.
The adjusted figure does not include the additional provisions for litigation which rose 250 percent over the year to 1.7 billion pounds. Separately, Barclays set aside an extra 200 million pounds in the fourth quarter to compensate UK customers who were mis-sold insurance products....Read More
