the republic logo

Barclays takes net loss for 4th quarter of $2.58 billion as it takes provisions for past sins

bug
Share/Save/Bookmark

LONDON — Barclays' fourth-quarter loss widened as the costs of correcting past problems overshadowed progress in streamlining the bank's business after the global financial crisis.

The London-based bank on Tuesday reported a net loss of 1.68 billion pounds ($2.58 billion), compared with 642 million pounds in the same period a year earlier. The loss reflects more than 2 billion pounds of one-time items, including 750 million pounds set aside to cover penalties for alleged manipulation of foreign exchange markets and 200 million pounds for misselling payment protection insurance.

"We remain focused on addressing outstanding conduct issues, including those relating to foreign exchange trading," said Chief Executive Antony Jenkins, who has made cleaning up the sins of the past his top priority. "I regard the behavior at the center of these investigations as wholly incompatible with our values."

Pretax profit before such one-time items almost tripled to 563 million pounds. The figures demonstrate the underlying performance of Barclays and show that the bank is stronger than at any time since the financial crisis, Jenkins said in a statement.

Barclays cut operating expenses by 9 percent in 2014 as the bank worked to simplify its business and strengthen its balance sheet. The bonus pool for 2014 was reduced by 8 percent to 885 million pounds.

Jenkins decided to take his first bonus since becoming chief executive in 2012, with the bank awarding him 1.1 million pounds. That pushes his total compensation, including long-term awards and other remuneration, to 5.5 million pounds.

The payout may prompt debate after Barclays cut 14,000 jobs and closed a net 72 branches last year.

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.