Wall Street

Barclays profits hit by higher costs and litigation expenses

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City AM

By Louis Goss Higher costs, as a result of a weaker British pound, expensive litigation and conduct charges, and inflation, offset a 17 per cent increase in Barclays total income to see the bank’s pre-tax profits drop in the first half of 2022. A combination of higher expenses and almost £1.9bn worth of litigation and conduct charges saw Barclays Bank’s pre-tax profits drop by 24 per cent in the first half of 2021 – even as its total incomes increased by 17 per cent. Costs arising from its over-issuance of securities amounted to more than £1.3bn after the firm agreed to buy back £14.5bn of the…

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