Barclays says Q3 profits fall 10%, takes hit for FX compensation

[LONDON]British bank Barclays Plc took a 560 million pound (US$855 million) hit to compensate customers mis-sold foreign exchange products and to cover a US mortgages settlement, as it reported a 10 per cent drop in quarterly profits.

Barclays said on Thursday it made a 290 million pound provision to compensate UK customers following an internal review of rates given on foreign exchange transactions between 2005 and 2012.

Barclays reported an adjusted pretax profit of 1.43 billion pounds for the three months to the end of September, from 1.59 billion a year ago and below the average forecast of 1.65 billion from analysts polled by the company.

Barclays this week said former JPMorgan investment bank boss Jes Staley would become its new chief executive in December.

REUTERS