Barclays’ investment banking weak, but group bad debts improve


Reuters

LONDON — Barclays said key investment banking income remained weak in the past four months, countering a sharp improvement in bad debts that lifted the British bank’s underlying third-quarter profit. Barclays, whose chief executive John Varley will be succeeded by investment bank boss Bob Diamond at the end of March, said on Tuesday it made an underlying July-September pretax profit of 1.27 billion pounds (US$2.05 billion). Including a charge on its own credit its pretax profit was 327 million pounds in the quarter, down over 1 billion pounds.