Barclays have posted a third-quarter loss of £47 million as the cost of PPI claims and the impact of the charges on the value of its debt mount. In the same period last year the financial institution posted profits of £2.4 billion and £1.2 billion in the second quarter. The loss has been mostly caused by the £1.1 billion charge against its own debt and £700 million for PPI compensation. When adjusted, the figures indicate a profit of £1.7 billion, which is close to City analysts' forecasts. Barclays has, in total, set aside £2 billion for PPI claims. As a result of the losses, the bank has reduced its bonus pool by ten per cent when compared to the same period in 2011. It would also have performed better if it did not have to meet the costs of deferred bonuses from previous years, which stood at £942 million this year.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated
claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk/search.aspx
Belmont Thornton Ltd. is incorporated in England and Wales, Company number 6621233,
whose head office and registered office is at Suite 2, Unit 25, The Coda Centre,
Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
Belmont Thornton Ltd is registered with the Information Commissioners Office. Registration number Z1728023
and holds a Credit Consumer License issued by the Office of Fair Trading license
Please note that calls may be recorded and email traffic monitored for the purposes
of security and staff training.
* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are
no upfront costs to pay. Our fee only becomes payable on a successful outcome of
a claim. A cancellation fee is payable if you decide that having instructed Belmont
Thornton to act on your behalf, and after 14 days of signing your Letter of Authority,
you do not wish to continue pursuing your claim with us. The cancellation fee is
the reasonable costs incurred for the work undertaken. Please see our terms of engagement.
By using our web-site, you agree that we can place the types of cookies described