Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LONDON (AP) — Barclays says earnings from its core operations fell 73 percent in the third quarter as it took a 320 million-pound ($392 million) charge for bad debts in its U.S. and U.K. credit card businesses.
The bank, which has been shedding riskier assets and focusing on Britain, said Thursday net income from its core business dropped to 257 million pounds from 961 million pounds a year earlier.
Net income for Barclays Group, which includes noncore businesses the bank intends to dispose of, fell 1 percent to 414 million pounds.
Chief Executive Jes Staley says Barclays is selling noncore assets, dealing with legacy issues and meeting capital requirements. He says the bank is creating a "simplified trans-Atlantic, consumer, corporate and investment bank with the capacity to deliver sustainable high-quality returns."
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
