02 Aug '11, 9am

Barclays bank profits slide 38%, flags job cuts

Barclays bank profits slide 38%, flags job cuts

LONDON : British bank Barclays said Tuesday that interim net profit slid 38 percent and warned it could axe some 3,000 jobs this year as it slashes costs in a "lacklustre" global economic environment. Earnings after tax dived to 1.50 billion pounds in the six months to June, compared with 2.43 billion pounds in the same part of the previous year, the bank said in a results statement. Profits sank sharply as investment division revenues fell and after the group set aside 1.0 billion pounds to compensate clients who were mis-sold credit insurance. Market expectations had been for net profit of 1.31 billion pounds, according to analysts polled by Dow Jones Newswires. Barclays added in the statement that it had axed 1,400 jobs during the first half of the year. Chief executive Bob Diamond, talking to reporters on a conference call, indicated that this trend was likely to conti...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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