Earnings

Barclays posts profit slump after hit from costly trading error in the U.S.

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A branch of Barclays Bank is seen, in London, Britain, February 23, 2022.

Peter Nicholls | Reuters

Barclays on Thursday saw a slump in second-quarter profit after taking a substantial provision relating to a costly trading error in the U.S.

The British bank reported a £1.071 billion ($1.30 billion) net profit attributable to shareholders, meeting expectations of £1.085 billion expected by analysts, according to Refinitiv. However, it marked a 48% slump from the same period a year earlier.

Barclays took litigation and conduct charges of £1.9 billion for the first half of the year, including a £1.3 billion cost related to what the bank calls the “over-issuance of securities” in the U.S.

The…



Source cnbc.com

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