Barclays make pre-tax quarterly loss of £47m
Its questionable practices, including the scandal over fixing the interbank lending rate, the LIBOR rate and the mis-selling payment protection insurance have all led to pretty uncomfortable losses for Barclays Bank this last quarter. It's just announced pre-tax statutory losses of £47 million for the three months to September…
…So that might not sound a lot for them but when you compare it to the same period last year – when Barclays made a £2.4 billion profit – then it does, right? Big problems have beset the bank – where do we start? A £290m fine over rigging the LIBOR; remember the week before last the bank said it needs to set aside £700 million more to make sure it can cover the wealth of PPI claims that have been flooding in to them. And now the bank is also now set to face a £38m damages case over the mis-selling of derivatives, a case that's been brought by Guardian Care Homes, a firm which owns and runs 30 private residential homes for the elderly. Chief executive Antony Jenkins - who took over after Bob Diamond stepped down in the summer all because of that LIBOR rate scandal - said the results show quote "good momentum in our businesses despite the difficulties we faced through this period." News of these losses today just means the bank will continue to be very much under the banking microscope.
Written and presented by Marverine Cole.