LONDON (Alliance News) - Barclays PLC Wednesday said it will book additional charges in the fourth quarter as a result of litigation and financial penalties.
"Compared to previous guidance, including the 2013 cost target of GBP18.5 billion excluding GBP1.2 billion costs to achieve Transform, the results will include additional approximate charges against costs of GBP220 million and against income of GBP110 million in the Investment Bank in [the fourth quarter]," the bank said in a statement.
It said the costs relate to litigation and regulatory penalties.
It said its cost target for 2015 remains at GBP16.8 billion, excluding costs to achieve its Transform scheme.
The bank also said it will comment on how it plans to further improve its leverage position, as previously announced. The bank is working to improve its leverage ratio, building on its GBP5.8 billion rights issue last year.
After various press reports suggesting the bank is set to close a number of its branches, Barclays said there is "no intention" to make an announcement on branch closures in the UK.
"We have no plans to announce significant reductions to our UK branch network," a spokesperson said in a statement.
It will announce its full year results on February 11.
Barclays shares were Wednesday quoted at 273.85 pence, up 0.55 pence, 0.20%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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