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Barclays adds £400m to PPI payments as profits fall Barclays adds £400m to PPI payments as profits fall
(35 minutes later)
Profits at Barclays fell by 21% over the first half of the year as the bank set aside a further £400m to compensate customers mis-sold payment protection insurance (PPI). Profits at Barclays fell by 21% in the first half of the year as the bank set aside a further £400m to compensate customers mis-sold payment protection insurance (PPI).
Profits for the six months to 30 June fell from £2.6bn last year to £2bn.Profits for the six months to 30 June fell from £2.6bn last year to £2bn.
The new charge for PPI means the mis-selling scandal has so far cost Barclays a total of £7.8bn.The new charge for PPI means the mis-selling scandal has so far cost Barclays a total of £7.8bn.
Profits were depressed by a £1.9bn loss on non-core assets including its French business, which it is in talks to sell. Profits were depressed by a £1.9bn loss on parts of the business that the bank has ear-marked for sale.
Commenting on the impact of Britain's vote to leave the European Union, chief executive Jes Staley said he had no plans to alter that bank's strategy of selling non-core assets and strengthening its retail and investment banking operations. This includes its French retail, wealth and investment management businesses which it is in talks to sell to private equity firm, AnaCap Financial Partners.
Commenting on the impact of Britain's vote to leave the European Union, chief executive Jes Staley said he had no plans to alter the bank's strategy of selling non-core assets and strengthening its retail and investment banking operations.
He said: "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."He said: "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."
However, the bank set out a number of risks it now faces, which include possible changes to "passporting" rights that allows the bank to operate across the EU.
It also it faces uncertainty over whether there will be any changes to freedom of employee movement, which would "impact Barclays' access to the EU talent pool" as well as "decisions on hiring from the EU of critical roles".
Analysis: Dominic O'Connell, BBC Today business presenter
While Jes Staley did not make the blunt Brexit warning made yesterday by his opposite number of Lloyds Banking Group, Antonio Horta Orsorio, the fine print of the Barclays statement makes plain its concerns.
It says the referendum result means "the long-term nature of the UK's relationship with the EU is unclear… in the interim, there is a risk of uncertainty for both the UK and the EU, which could adversely affect the economy of the UK and the other economies in which we operate".
It also lays out the detailed risks to its UK business, including the threat to "passporting" rights, which allow banks and other financial services companies to sell their services across the EU, and the threat to hiring staff from the possible end to the free movement of people.