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11 months ago

Despite wanting to curb investors’ enthusiasm, Barclays reports pretty, pretty, pretty good progress. And a $1.8bil loss


A Barclays branch in central London. The British bank reported a loss, but said it had completed its restructuring. Photographer/Reuters

Barclays said on Friday that it fell to a large loss in the second quarter, but said that it had reached a major milestone in its turnaround, finally completing a wide-ranging restructuring.

The bank has moved aggressively to get rid of businesses that it does not consider to be core future operations and to resolve misconduct issues that have dragged on its results, and costs from these efforts pushed it into a loss in the second quarter. Barclays said on Friday that it had taken charges associated with selling much of its African business and with a controversial insurance product that has weighed on the results of British banks.

Despite the loss, James E. Staley, the Barclays chief executive, said on a conference call with journalists that the bank was “showing pretty good progress.”

Barclays, which has large operations in New York and in London, reported its results on Friday alongside a number of Europe’s largest lenders. BNP Paribas, Credit Suisse and UBS all exceeded analysts’ expectations as many of the region’s biggest banks reported solid results despite a downturn in bond trading in the second quarter.

12 months ago

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