Barclays Q3 pretax profit hits 1.1 bln stg

Barclays reported Thursday a worse than expected profit before tax for the third quarter of 1.1 billion pounds ($1.46 billion) as a weak trading performance in its investment bank dragged down group results.

The profit figure for the quarter was well below the 1.43 billion pounds average of analysts’ estimates compiled by the bank.

Barclays said it had cut compensation in its investment banking unit by 25 percent for the period.

The result marked the first time in years that Barclays has not been undergoing significant restructuring, as it re-integrated its ‘non-core’ division of bad assets back into the Group.

Source: Reuters