Barclays Reports Loss After PPI Charges

Written By Unknown on Rabu, 31 Oktober 2012 | 14.43

Barclays reports a pre-tax statutory loss of £47m for the third quarter - compared with a £2.4bn profit over the same period last year.

The loss is primarily due to increasing costs relating to the mis-selling of payment protection insurance (PPI).

The bank, which was also rocked by the Libor rate-rigging scandal, unveiled two new US regulatory investigations into its conduct.

Barclays said the US Department of Justice and US Securities and Exchange Commission were investigating whether its relationships with third parties who help it win or retain business are compliant with the US Foreign Corrupt Practices Act.

It is also being investigated for past power trading in the West of the US.

The bank had previously said it would set aside a further £700m to cover its costs after customer complaints over PPI continue, taking its total estimated bill to £2bn.

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