Barclays Shares Jump 4.4% on Dividend Hike

23 February, 2018, 06:31 | Author: Salvatore Jensen
  • Barclays swings to £1.9bn loss investment bank profits tumble

Barclays reported a 1.9 billion pound attributable loss, after a 901 million pound tax writedown in the United States and a 2.5 billion pound loss on the sale of Barclays Africa (BGAJ.J).

Barclays PLC (BARC.L) showed its confidence in future earnings on Thursday by restoring its full dividend, despite lackluster investment banking income, restructuring costs and USA tax reforms hitting the bank's 2017 bottom line.

Barclays' corporate and investment bank made a loss in the final quarter for the first time in three years, as income fell in trading, equities and banking and it took a loss on United Kingdom construction firm Carillion.

Barclays said CIB made a £252m pre-tax loss in the fourth quarter, compared with a £155m profit a year earlier.

Barclays posted an underlying pre-tax profit of £3.5bn for 2017, up from £3.2bn in 2016. His overall pay package however was down from £4.22m after his annual bonus dropped to £1.07m from £1.3m.

The U.K. Financial Conduct Authority opened an investigation in 2017 looking at Staley's alleged attempt to find out the name of the employee that wrote a letter raising concerns about the recruitment of a senior official by the bank.

Of these, 32% are based in the United Kingdom, 61% in the U.S. and 7% elsewhere internationally. Group basic loss per share was 10.3 pence, compared to earnings per share of 10.4 pence a year ago.

Barclays has shed 60,000 jobs as part of the shake-up, while also selling off businesses such as the Africa arm.

The bank set aside £1.2bn to cover costs from litigation and conduct, compared with £1.4bn in 2016.

Mr Staley said market volatility since the start of 2018 had boosted its investment bank, with income "tracking above" the previous year.

Its Carillion hit adds to the charges taken across the sector after a raft of British banks were exposed to the outsourcer through unpaid loans.

The loss was down to factors including a hit from United States tax changes, costs related to the sale of its African unit, and continuing PPI payments. Total revenues of more than £21bn were broadly flat year-on-year, though there were heavy falls at the bank's key trading division.

"In particular the investment bank looks like a casino where the house isn't winning".



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