Barclays Reports ‘Pretty Good Progress,’ and a $1.8 Billion Loss
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.
During the quarter, the bank took a loss of £1.4 billion on reducing its stake in Barclays Africa Group
and an impairment of £1.1 billion related to the business.
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.
By CHAD BRAYJULY 28, 2017
LONDON — 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.
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.
Lloyds Banking Group, one of the biggest providers of the loan insurance in Britain, took
a similar charge of £700 million as part of its second quarter results on Thursday