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Barclays' half-year profits hit the magic £3bn mark

By John-Paul Ford Rojas

Published 30/07/2015

John McFarlane, chairman for Barclays bank
John McFarlane, chairman for Barclays bank

Barclays boss John McFarlane has signalled plans to ramp up growth, squeeze costs and streamline the business after announcing a 25% rise in first half profits.

Interim results showing an increase in pre-tax earnings to £3.11bn come just three weeks after chief executive Antony Jenkins was fired over lacklustre revenue growth. New chairman Mr McFarlane has taken the reins on an interim basis.

The increase comes despite Barclays taking a hit of more than £1bn during the period to compensate customers over scandals such as the mis-selling of payment protection insurance (PPI). This included a fresh £850m in the second quarter, mainly from an extra £600m for PPI - taking total provisions for the affair to date to just under £6bn.

Reports have suggested Barclays is planning to speed up its cost-cutting by axing more than 30,000 jobs.

Belfast Telegraph

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