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Barclays says to speed up cost cutting, asset sales

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Barclays said it intends to accelerate the run down of assets and cost cutting as its new chairman sought to stamp his mark on the British bank three weeks after firing the chief executive.

[LONDON] Barclays said it intends to accelerate the run down of assets and cost cutting as its new chairman sought to stamp his mark on the British bank three weeks after firing the chief executive.

Chairman John McFarlane, who arrived at Barclays in April with a reputation for taking bold action, said on Wednesday he will cut its costs as a percentage of income to "mid 50s" per cent and cut non-core assets to 20 billion pounds by 2017.

Barclays took an additional provision of 850 million pounds (S$1.77 billion) in the second quarter for UK customer compensation, mainly for mis-sold insurance products. It reported an adjusted pretax profit of 1.85 billion pounds for the second quarter, up 12 per cent from a year ago and ahead of the average analyst forecast of 1.75 billion pounds.

REUTERS

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