Barclays down 6.5% after warning of fourth-quarter cost-cutting charges
Publishing timestamp: 2023-10-24 04:43:47
Summary
Barclays reported a net profit of 1.27 billion for the third quarter, slightly ahead of expectations. The bank saw strong results in its consumer and credit card businesses, but there are concerns about cost-cutting charges, pressure on domestic interest margins, and weak performance in other divisions. Barclays will announce its capital allocation priorities and revised financial targets in an investor update alongside its full-year earnings. The bank hinted at substantial cost-cutting measures to be announced later in the year and lowered its net interest margin forecast for its U.K. division. Barclays' shares slipped in response to the news.
Sentiment: MIXED
Tickers: BARC-GB,
Keywords: markets, earnings, banks, business news, breaking news: europe, barclays plc, wall street,