conduct charges: This excludes litigation and conduct charges, according to The Guardian. If they are included, Barclays made a 1.5bn profit against a 236m loss a year earlier, when it was hit by a 2bn charge largely related to a settlement with the US justice department over the sale of mortgage-backed securities. The bank made a pre-tax profit of 1.5bn between January and March, down from 1.7bn a year earlier but in line with City forecasts. Barclays is under pressure from the activist investor Edward Bramson to scale back its poorly performing investment banking division and install him on the board. At the international business, which includes the investment bank, pre-tax profit fell to 1.1bn from 1.4bn, while the UK bank posted a rise in profits to 600m from 200m, with mortgage applications up quite strongly. The results come ahead of a showdown between Bramson and Barclays' chief executive Jes Staley at the bank's annual meeting next Thursday.
(news.financializer.com). As
reported in the news.
Tagged under conduct charges, justice department topics.