Future Of British Business
Barclays Earnings Miss as Legal Costs Overshadow Trading Jump
- British bank takes £1.3 billion litigation and conduct charge
- Barclays also agrees to settle US probe on electronic messages
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Barclays Plc’s profit fell more than expected in the second quarter after it booked charges and penalties in the US, marring a strong period for the bank’s bond traders.
The British lender said a market plunge would increase the cost of buying back U.S. investment products it mistakenly oversold. Barclays also expects to pay $200 million in penalties to the US regulators to settle a long-running probe into unapproved messaging channels used by staff.