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Brexit takes bite out of Barclays earnings

Credit: Reuters Studio
Published on February 21, 2019 - Duration: 00:48s

Brexit takes bite out of Barclays earnings

Barclays earnings missed forecasts for 2018, with provisions for Brexit one factor, but shares in the bank rose after signs of a turnaround at its investment banking unit.

Julian Satterthwaite reports.

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Brexit takes bite out of Barclays earnings

Brexit has taken a bite out of the bottom line at Barclays.

The British bank on Thursday (February 21) reported lower-than-forecast annual earnings of just over 4.5 billion dollars.

It had to set aside around 200 million dollars to prepare for the costs of Brexit.

Shares in the bank up as much as four percent in early trade though.

Traders pleased by signs of progress at Barclays' struggling investment banking unit.

Profit for the unit up 15 percent in 2018.

Equities trading seeing income jump by a quarter.

That's good news for chief executive Jes Staley.

He's locked in a battle with activist investor Edward Bramson over what to do about investment banking.

Bramson wants the lender to ditch expansion plans for the unit and focus on less risky businesses.

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