Barclays sees triple net profit in latest quarter PUBLISHED BY
Barclays PLC logged a stellar performance in its first quarter with net profit almost tripling on the back of a brighter economic outlook for both the UK and US.
The stimulation packages by central banks, vaccination rollout and a sharp drop in new coronavirus-related loan-loss reserves, as well as decreasing loan defaults, all acted together to push the bank to profit.
The chief executive of Barclays, Jes Staley, said, ”We estimate the UK economy will grow at its fastest rate since 1948, that’s pretty spectacular.”
Staley added, “We see quite a robust economic recovery in 2021. We think that will carry on to 2022.” He also sounded a cautious note about its British consumer unit. “While evidence of recovery is encouraging, we have continued to take a cautious view of the impact of the pandemic on the business. Headwinds to income in Barclays UK are expected to persist in 2021, driven by the subdued deman
Norway’s wealth fund to let staff partly work from home after Covid Up to two days a week at home; and at least two inviolate days in the office, makes sense to CEO Nicolai Tangen 03 May 2021 - 13:36 Lars Erik Taraldsen Picture: 123RF/ALEKSANDR DAVYDOV
Oslo Norway’s sovereign wealth fund, the world’s biggest, will let its employees continue working from home a couple of days a week once the pandemic is over, CEO Nicolai Tangen said.
Staff at the Oslo-based investor, which oversees $1.3-trillion in assets, will be allowed to spend “up to two days” a week working from home, Tangen told lawmakers in Norway’s parliament during a hearing on Monday. But there will also be “two set office days for everyone”, he said, so that “we can have the meetings we need to have in the office”.
India s Covid crisis makes Barclays and other banks to shift call centre operations back to UK
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Barclays has announced it will shift some of its Indian call centre operations back to the UK as staff in the South-Asian country are struggling to cope with the ongoing Covid-19 crisis.
A range of other UK and US banks and companies are mulling to do the same, according to multiple media reports in India this weekend.
Barclays employs more than 20,000 people in India but many have been forced to stay at home to look after family members as the country’s death toll soars, the bank’s chief executive Jes Staley explained.
By Simon Clark LONDON Barclays PLC said net profit more than doubled as equities trading revenue surged and the U.K. economy started to recover from the ravages of the coronavirus pandemic. The London-based lender earned GBP1.7 billion in the first three months of the year, the equivalent of $2.37 billion, up from GBP605 million in the same period last year. Barclays operates a trans-Atlantic investment bank as well as offering traditional financial services in the U.K. Pretax profit from the investment bank, which trades fixed-income securities, equities and derivatives, rose 46% to GBP1.7 billion in the first quarter. Provisions for bad loans fell to GBP55 million in the quarter from GBP2.1 billion in the same period last year.
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