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| Barclays announces pre-tax profits fall by 21 per cent due to restructuring costs | |
| (35 minutes later) | |
| Barclays has reported a 21 per cent fall in its pre-tax profits for the first half of 2016. | |
| Statutory group profit before tax was £2.06bn, down 21 per cent on the same point last year. | Statutory group profit before tax was £2.06bn, down 21 per cent on the same point last year. |
| The bank stressed the fall was due to the cost of disposing of its non-core businesses as part of its restructuring to focus on its UK and the US operation. | The bank stressed the fall was due to the cost of disposing of its non-core businesses as part of its restructuring to focus on its UK and the US operation. |
| It said its core business made a pre-tax profit of £3.97bn, which is up 19 per cent on last year, but its non-core business had made a £1.9bn loss. | |
| CEO Jes Staley said he did not believe there was any reason to change strategy despite the Britain's vote to leave the European Union. | |
| He said in a statement: "Taken together, the picture in the second quarter is one of strong and accelerating progress against our strategy. | |
| "We remain confident that it is the right plan for Barclays, and see no reason to adjust it, or the pace of delivery, in light of the vote by the UK last month to exit the EU. | |
| "We are very much open for business, and fully committed to supporting our customers and clients, and the real economy, through this period of uncertainty". | |