Barclays posts £1.9bn loss amid U.S. tax and PPI charges

Adjust Comment Print

Pre (Shanghai: 600048.SS - news) -tax profits when exceptional items were excluded rose 10% to £3.54bn despite earnings at its investment bank plunging to £2.1bn, with Barclays blaming the 22% dive on "weak market conditions".

The total Barclays group bonus pool shrank again by 2 percent to 1.5 billion pounds and is down by 57 percent in seven years.

Laith Khalaf, senior analyst at Hargreaves Lansdown, commented: "Arnold Schwarzenegger and Donald Trump don't always see eye to eye, but they have double-teamed Barclays, with the bank's full year profits dragged down by United States tax reform and a PPI campaign fronted by everyone's favourite bodybuilder".

The lender said the loss resulted from £1.2 billion in litigation costs, a loss of £2.5 billion related to the sale of Barclays Africa Group Limited and a one-off U.S. tax charge of £900 million.

Mike Watkins to miss Penn State men's basketball's game against Nebraska
The freshmen would help keep a rolling Nebraska team from growing their lead too much, with a 24-32 Cornhusker lead at the half. Thirteen starters-eight offensive, three defensive, and two specialists-will return, alongside twenty-six additional lettermen.

The British bank reported Thursday a loss on its full-year 2017 profits, due in part to the tax overhaul in the US and a weaker dollar.

Barclays BARC.L cut the overall pay of its chief executive Jes Staley a year ago, while an ongoing investigation into his efforts to unmask a whistleblower at the British bank could yet lead to him losing some or all of his 2016 bonus.

"We have already started to see some of the benefits of our work in 2017".

He added: "We have a portfolio of profitable businesses, producing significant earnings, and have plans and investments in place to grow those earnings over time".

Apple buys cobalt to secure long-term battery supplies
However, the rapidly growing demand has not yet peaked, according to Darton Commodities , which specializes in the sale of cobalt. In addition, more than half of cobalt mining production came from the Democratic Republic of Congo in 2017.

While he earned 2.35 million pounds in fixed base pay previous year, Staley's bonus of 1.07 million pounds was down from 1.32 million in 2016 and less than half of the maximum available.

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. United Kingdom profits were broadly flat at £1.7bn, with income down 2%.

The bank also reported setting aside £1.2bn for litigation and conduct, including £700m to cover further costs related to the payment protection insurance scandal.

Gucci turns heads with unusual fashion show
Michele worked with Makinarium , a Rome-based special effects company, to make the heads, horns, and dragons, according to Vogue . Fashion house Gucci has unveiled its looks for the autumn, and is turning heads for how it presented them .