Barclays profits damaged by charges including £127m Carillion hit


Barclays CEO Jes Staley has no plans to leave the British bank despite an ongoing investigation on hist treatment of internal whistleblowers.

Barclays' bottom line was hit in part by a 901 million pound ($1.26 billion) writedown in the fourth quarter related to the new USA tax law.

Barclays' attributable loss compares with a £1.6 billion profit over the course of 2016. The group's pre-tax profit, however, rose by 10 percent to £3.54 billion in 2017, and customer deposits increased 2 percent to £193.4 billion.

Investors, however, were cheered by the news that the dividend payout to shareholders - which Barclays had cut by more than half two years ago - would go back up to 6.5p in 2018. As a result, it saw costs fall by 5% a year ago. The bank also separately disclosed Thursday, its discretionary awards for investment bankers and traders fell slightly to 864 million pounds.

He added: "We have already started to see some of the benefits of our work in 2017".

The results come after Mr Staley recently completed a group-wide restructure, having overseen a mammoth programme to offload non-core businesses in a bid to focus on core United Kingdom and U.S. operations.

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Barclays shares were up 5.8% in early trading.

"In addition, the group has re-iterated all of its medium-term financial targets albeit noting that the percentage group effective tax rate will be lower than previously guided as a result of the impact if United States tax reform".

Neil Wilson at ETX Capital highlighted the issues that remain: "Staley's future remains a doubt - the FCA investigation over the whistleblowing case is due soon".

He also noted Barclays grew its mortgage portfolio and saw total credit impairment charges and other provisions down 13%, but that trading revenues at the CIB suffered a poor fourth quarter like all the big banks, though it looked as though Barclays did a bit better than its USA peers.

In particular, he mentioned an encouraging performance for the bank's markets unit, which sells and trades shares, debt and other financial products.