Barclays reports 82% surge in half-year pre-tax profits, despite Brexit uncertainty and global economic slowdown
Barclays has reported an 82% surge in half-year pre-tax profits despite continuing to be hit by a"challenging income environment".
The bank said that as a result of the difficulties, including a competitive mortgage market and uncertain economic landscape because of the global slowdown and Brexit, it would be focusing on reducing costs in the second half. It did not explicitly say if that would extend to job cuts. The bank's chief executive, Jes Staley, later told a media call that the group had shed more than 3,000 posts across its operations in the second quarter.Barclays CEO Jes Staley repeated his warning that costs would have to fall in the current second half of 2019
The profit figure - its highest for the six months to June in nine years - reflected the lack of additional charges for past misconduct after earnings were hurt in the same period last year by a massive settlement with US authorities over the selling of mortgage-backed securities ahead of the financial crisis.
The bank said that underlying profitability, which strips out the effects of one-off charges and other costs, were 15% down at £3.1bn.Barclays UK suffered a 2% fall in income as a result of margin pressure in the competitive domestic environment - also widely reported by its rivals - though it said this weakness was partially offset by continued growth in mortgages and deposits.
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