Barclays Turns To Profit In Q4

Posted February 24, 2017

LONDON-Barclays PLC swung to a full-year net profit of £1.6 billion ($1.99 billion), as the bank's management said it was just months away from finishing a restructuring of the United Kingdom lender.

United Kingdom banking giant Barclays posted a surge in annual profits for 2016 on higher investment banking revenues and a significant drop in litigation and conduct costs.

The bank's worldwide unit, which includes its investment bank, increased its pre-tax profits from £2.3bn to £4.1bn, while revenues rose by 9 per cent to £15bn.

"A year ago we laid out our intention to accelerate the restructuring of Barclays and refocus our business as a transatlantic, consumer, corporate and investment bank, anchored in London and NY". Barclays Group said Thursday Feb. 23, 2017, that it will complete its restructuring six months earlier than planned as it sheds risky assets and focuses on consumer, corporate and investment banking in NY and London.

However, statutory group profit before tax for 2016 was £3.2 billion ($3.9 billion), beating analysts expectations. The bank was also helped by lower costs for bad conduct, dropping from 4.4 billion pounds in 2015 to 1.4 billion pounds in 2016.

Mr Staley reiterated the group had no plans to move staff to Europe as a result of Brexit and said it would be able to use its bases in Germany and Ireland once the United Kingdom pulls out of the EU.

Geneva Intra-Syrian Talks Finally Enable Political Settlement - German FM
Asked if it had been discussed whether Assad would remain in power, Yelchenko said that was a subject for the Geneva talks. He said a shaky ceasefire brokered by Russia, Turkey and Iran had opened a window of opportunity.

Fed officials discussed raising interest rates soon at January meeting
The yen climbed 0.1 per cent to 113.19 per United States dollar, extending a 0.3 per cent gain from the previous day. United States crude prices closed up 55 cents at Dollars 54.33, the best closing level in more than a year.

Cowboys vs. Cardinals Announced for 2017 Hall of Fame Game
You can look for ticket packages to the game at hofexperiences.com/2017-pro-football-hall-of-fame or by calling 844-751-0532. The Cardinals played the Giants in the first-ever Hall of Fame Game in 1962; that game ended in a 21-21 draw.

Shares rose as much as 4% after the profit cheer and as Barclays said its restructuring was ahead of plan.

But Barclays chairman John McFarlane warned "significant challenges remain" as Barclays continues to fight U.S. authorities over allegations over its part in a mortgage bond mis-selling scandal.

Barclays Plc (Public Limited Company) shares rose to the most astounding in over a year as its capital proportion climbed more than anticipated and the bank flagged advance in its endeavors to relieve its Africa unit and auction undesirable resources. "We may add some people in Dublin".

Barclays also announced it intends to close down its non-core division six months earlier than planned on 30th June 2017. However, this is sharply down on the £2.8bn PPI cost the firm the year before.

In January he said: "I don't believe that the financial centre of Europe will leave the city of London".