Barclays boss hopes for 'emotional' connection with bank
by Laura Kuenssberg - Business EditorNew boss Antony Jenkins wants us to have an "emotional" connection with Barclays - I'm sure a lot of people do, just not the one he would like!
New Barclays boss Antony Jenkins insisted the bank was in good shape despite a torrent of reputation-scarring scandals and a £47 million quarterly loss.
New boss Antony Jenkins wants us to have an "emotional" connection with Barclays - I'm sure a lot of people do, just not the one he would like!
Broadly, Barclays' profits are up thanks to investment banking, but having to set aside cash for PPI compensation pushes the bank into a small loss.
New Barclays boss Antony Jenkins has insisted the bank remains "strong and well-positioned" despite a torrent of reputation-scarring scandals and a £47 million quarterly loss.
Delivering his first set of results today since taking over from Bob Diamond in the wake of the Libor-fixing affair, Mr Jenkins accepted the lender had "much to do to restore trust among stakeholders."
Barclays has revealed its conduct is being investigated by the US Department of Justice (DOJ) and US Securities and Exchange Commission.
Both will examine whether the bank's relationships with third parties who help it win or retain business are compliant with the US Foreign Corrupt Practices Act.
Barclays has reported a pre-tax statutory loss of £47 million for the third quarter, against a £2.4 billion profit for the same period last year.
The bank's adjusted pretax profit in the three months to the end of September was revealed to be £1.73 billion, in line with analysts' forecasts and up from £1.34 billion a year ago, thanks to strong profits from investment banking.
But including a £700 million charge for mis-selling payment protection insurance would have left profits down 23% at £1.03 billion.
It will be interesting to see how new Barclays boss Anthony Jenkins handles his first press call (in around an hour) after the first set of results under his watch were announced.
Barclays has revealed the first results under the new chief executive Anthony Jenkins. They have made £5.9 billion in the last nine months.
As expected, the bank has set aside more money to pay the PPI compensation, a move other banks will likely do later this week.
Barclays has also put aside cash to pay compensation for interest rate "swaps" sold or mis-sold to business.