Barclays faces fresh UK regulatory probe
Source: Agencies |
July 28, 2012, Saturday
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Print Edition
Print Edition
BARCLAYS Plc yesterday said it faces a fresh investigation by financial services regulators in the United Kingdom and a new batch of class-action lawsuits in the United States, legal troubles that promise a continuing public relations headache for the British lender.
Still, Barclays reported a 9 percent gain in adjusted net profit in the first half of this year thanks to lower operating costs and modest growth in income, leading to an adjusted net profit for the six months ending on June 30 that hit 3.1 billion pounds (US$4.9 billion).
Adjusted pretax profit of 4.2 billion pounds beat the analysts' consensus of 3.8 billion pounds.
But the revelation that Barclays faces a new inquiry and more lawsuits means the European heavyweight could struggle to restore a public image tarnished by the bank's participation in a rate-setting scandal which has drawn outrage on both sides of the Atlantic.
Yesterday's earnings report did not reflect any impact of the scandal, which was revealed on June 27 when US and British agencies announced fines totaling US$453 million on the bank. That plunged the bank into turmoil as Chief Executive Bob Diamond and Chief Operating Officer resigned within days. Chairman Marcus Agius? now serving as executive chairman? said he would go as soon as his successor is chosen.
"We are sorry for the issues that have emerged over recent weeks and recognize that we have disappointed our customers and shareholders," Agius said. "I speak for all of Barclays people when I say how determined we are to regain the full confidence of all our stakeholders? customers and clients, investors, regulators and staff alike."
Still, Barclays reported a 9 percent gain in adjusted net profit in the first half of this year thanks to lower operating costs and modest growth in income, leading to an adjusted net profit for the six months ending on June 30 that hit 3.1 billion pounds (US$4.9 billion).
Adjusted pretax profit of 4.2 billion pounds beat the analysts' consensus of 3.8 billion pounds.
But the revelation that Barclays faces a new inquiry and more lawsuits means the European heavyweight could struggle to restore a public image tarnished by the bank's participation in a rate-setting scandal which has drawn outrage on both sides of the Atlantic.
Yesterday's earnings report did not reflect any impact of the scandal, which was revealed on June 27 when US and British agencies announced fines totaling US$453 million on the bank. That plunged the bank into turmoil as Chief Executive Bob Diamond and Chief Operating Officer resigned within days. Chairman Marcus Agius? now serving as executive chairman? said he would go as soon as his successor is chosen.
"We are sorry for the issues that have emerged over recent weeks and recognize that we have disappointed our customers and shareholders," Agius said. "I speak for all of Barclays people when I say how determined we are to regain the full confidence of all our stakeholders? customers and clients, investors, regulators and staff alike."
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