Barclays share price: what’s the latest as Q3 results loom?
The UK lender will unveil its Q3 results later this month, with the bank looking to cut costs in the second-half as challenging market conditions persist.
Barclays is set to unveil its Q3 results on October 25, with the lender looking to deepen its cost-cutting in the second-half of the year amid challenging market conditions.
Investors were told in its half-year results, that cost control remains a ‘priority’ for the bank, with management looking to reduce expenses to below £13.6 billion in 2019.
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Challenging market conditions persist for Barclays
Earlier this year, Barclays reported an 82% increase in pre-tax profit in its half-year results, despite the UK banking sector facing ongoing Brexit uncertainty that has seen its share price stagnate, with it down 5% since January.
The surge in profits it saw over its first six months of trading reflected the lack of additional charges which significantly hurt earnings during the same period last year, with the bank forced to settle with US authorities over its involvement in selling mortgage-backed securities ahead of the financial crisis.
Barclays and other UK lenders are not only contending with the uncertainty caused by Brexit, but also a competitive mortgage market and the threat of a global economic slowdown.
Former Barclays bankers face trial over Qatar payments
Three former senior Barclays bankers are set to face trail, with the trio charged with criminal offences over payments made by the bank to Qatar in return for £11.8 billion in cash.
The billions that the bank allegedly received helped Barclays stay afloat in the wake of the 2008 financial crisis and avoid being bailed out by the UK government like rivals Lloyds and the Royal Bank of Scotland.
Roger Jenkins, Richard Boath, and Tom Kalaris are charged with conspiracy to commit fraud by false representation and fraud by false representation. All three deny the charges, which carry a 10-year maximum sentence.
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