Skip to main content

Originally published Wednesday, April 24, 2013 at 3:38 AM

  • Share:
  • Comments (0)
  • Print

Barclays returns to profit in Q1

Barclays PLC on Wednesday reported a return to profit in the first quarter, as it tries to restructure and get past recent scandals.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >



Barclays PLC on Wednesday reported a return to profit in the first quarter, as it tries to restructure and get past recent scandals.

In the three months ending March 31, Barclays made an adjusted profit after tax of 839 million pounds ($1.3 billion). That contrasted with a 589 million pound loss a year earlier and came despite a 5 percent fall in income to 7.7 billion pounds.

Costs included 514 million pounds for "Project Transform," which aims to shed 3,700 jobs, trim Barclays' investment banking arm and move on from scandals that included a $450 million fine for its involvement in the rigging of a key market interest rate.

Chief executive Antony Jenkins said Barclays expected to spend another 500 million pounds on Project Transform in 2013.

"While there remains much to do to build a stronger and more resilient Barclays, we are completely focused on executing our Transform program and are making good early progress," said Jenkins, whose predecessor, Bob Diamond, resigned in the wake of the rate-rigging scandal.

Barclays' investment arm performed solidly, with profit rising 11 percent to 1.3 billion pounds.

Shares in the bank closed 1.3 percent lower Wednesday at 2.95 pounds.

But analysts said the results were good news for the bank.

"Barclays has a Herculean task in reinventing itself whilst at the same time continuing to grow the business," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers. "The update shows that the challenge is being faced head on, with a cultural shift in train and a more general restructuring being actively pursued."

News where, when and how you want it

Email Icon

Love the column? Pre-order the book!

Love the column? Pre-order the book!

Reserve your copy of "The Seattle Sketcher," the long-awaited book by staff artist Gabriel Campanario, for the special price of just $29.95.



The Seattle Times photographs

Seattle space needle and mountains

Purchase The Seattle Times images

The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited content access is included with most subscriptions.

Subscriber login ►