Barclays warns over regulation as profit jumps to £6.1bn

first_img Barclays warns over regulation as profit jumps to £6.1bn More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes whatsapp John Dunne Tags: NULL Barclays said it plans to streamline operations to boost profitability as it grapples with tougher regulations which it says will lower its returns.The warning came as the bank reported a forcast-beating 32 per cent rise in annual earnings on , beating expectations.Bob Diamond, the American investment banker who took over as chief executive at the start of the year, on said tougher regulations will result in lower returns and he is now targeting a 13 per cent return on equity.He said he had instigated a “disciplined, rigorous and continuous review” of its portfolio to achieve that, after RoE sagged to just 7.2 per cent last year.Barclays said staff costs for 2010 rose by a fifth to £11.9bn but bonuses fell by seven per cent, including a 12 per cent fall at its Barclays Capital investment banking unit.Barclays reported a pretax profit of 6.1 billion pounds for 2010, up from underlying profit of 4.6 billion in 2009 and ahead of the average forecast of £5.7bn.The rise was mainly thanks to reduced losses from bad debts, which fell 30 per cent to £5.7bnRevenues for BarCap were £3.4bn in the fourth quarter, up 20 per cent from the third quarter and recovering from several quarters of decline, faring better than rivals.Diamond said the bank had a good start to 2011, with group income and profit in January ahead of the 2010 average monthly run rates.The bank confirmed changes to the way it pays bonuses, saying that in future performance awards would be deferred over three years and would only be made if the group’s key core Tier 1 measure of capital strength was at least seven per cent.The bank will not reveal the details of pay to individual board members and its top performers until the publication of its annual report. Share Tuesday 15 February 2011 3:35 am whatsapp Show Comments ▼last_img read more