Barclays Q3 profit declines by 10% as new CEO James Staley has his work cut out

British financial giant Barclays PLC (LON:BARC) has released its third quarter earnings for this financial year, with a 10% drop in adjusted pre-tax profit compared to the same period last year. Statutory pre-tax profit dropped below the £1 billion mark during the third quarter of the year, standing at £861 million compared to £1.77 billion […]

British financial giant Barclays PLC (LON:BARC) has released its third quarter earnings for this financial year, with a 10% drop in adjusted pre-tax profit compared to the same period last year.

Statutory pre-tax profit dropped below the £1 billion mark during the third quarter of the year, standing at £861 million compared to £1.77 billion in the second quarter of the year.

Newly appointed CEO James Staley has his work cut out as leadership of Barclays, one of the world’s largest banks and handler of a vast percentage of global interbank FX order flow, will involve setting the bank’s operations back on an even keel after a year of extremely expensive regulatory fines and class action settlements relating to FX rate manipulation and misselling of PPI policies, as well as a slump in overall activity which blighted the firm during 2014 resulting in the company considering the redundancy of some 19,000 members of staff.

Liquidity decrease

The bank’s liquidity pool has actually decreased slightly from £145 billion as of June 30, 2015 to £142 billion as of September 30 this year, with an estimated liquidity coverage ratio of 121% having reduced to 118% by September 30.

Capture 2

Capture

 

Read this next

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<