Barclays a mixed bag......15 Feb 2023 09:27
Barclays said revenue from Fixed Income, Currencies and Commodities (FICC) trading, its traditional strength, rose 65% to 5.7 billion pounds from the previous year, beating U.S. rivals Morgan Stanley (MS.N) and Goldman Sachs (GS.N) which reported 20% and 38% year-on-year increases respectively in 2022................
"When Barclays can turn its back on errors and legacy issues, which have been a consistent part of results in recent years, the bank should be the best-placed of the major UK lenders in the current environment," said John Moore, senior investment manager at RBC Brewin Dolphin........
REGULATORY COSTS
Barclays' litigation and conduct charges for the year came in at 1.6 billion pounds, including fines and restitution to customers from overstepping agreed limits on sales of securities in the United States.
In its annual report also published on Wednesday, Barclays said it had docked top executives' pay by a combined 1 million pounds to reflect the regulatory missteps.
Barclays' results were further marred by 1.2 billion pounds in credit impairment charges and a 26% leap in costs to 8.9 billion pounds......................
gla..