Barclays is the latest major bank to report a significant drop in first-quarter earnings because of coronavirus—as it sets aside $2.6 billion to cover anticipated bad loans
Barclays is the latest major bank to report a significant drop in first quarter earnings because of coronavirus, as it sets aside $2.6 billion to cover anticipated bad loans.First quarter profits for Barclays fell 38% in the first three months of the year, to $1.1 billion .
The bank has also set aside a $2.6 billion credit impairment charge, in part to cover loans which customers can no longer repay, joining rival HSBC and the “big four” banks in the U.S. in preparing for the coronavirus hit. Group CEO Jes Staley said the impact of COVID-19 “came late in what was until that point a good quarter.”
Staley added the bank expects to “remain resilient” through the pandemic and the economic turmoil it has caused: “The strength of Barclays lies in our diversification by business, geography and currency,” he
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Barclays Profits Plunge 38% As It Warns Of $2.6 Billion Pandemic HitI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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Barclays' first-quarter earnings beat forecasts as markets income surges 77% - Business InsiderThe British banking giant took a $2.6 billion impairment charge to reflect the impact of the coronavirus pandemic.
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Barclays reports a 42% fall in net profit on the year, takes a $2.6 billion credit impairment charge on coronavirus
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