Barclays results, however, showed the costs of its restructuring efforts. <\/p>\n
The bank reported a loss of 1.4 billion pounds, or about $1.8 billion. That compared with a profit of 677 million in the second quarter of 2016. <\/p>\n
But Mr. Staley, who joined Barclays in December 2015 as its third chief executive since 2012, said the bank had reduced the size of its so-called noncore operations to the point that the division could be closed. The bank could then shift capital within some businesses, he said, in order to focus on increasing its profitability. <\/p>\n
Shares of Barclays were down less than 1 percent in midmorning trading in London on Friday. <\/p>\n
During the quarter, the bank took a loss of 1.4 billion on reducing its stake in Barclays Africa Group and an impairment of 1.1 billion related to the business. <\/p>\n
The British bank has cut its stake in the business to 15 percent in order to free itself from regulatory and capital requirements that have dragged on its balance sheet. Barclays had owned as much as 62.3 percent of the African business. <\/p>\n
Barclays, which has operated in Africa for more than a century, first announced plans to sell down its controlling stake in March. The African business had been a key pillar for the bank under former chief executive Antony Jenkins. <\/p>\n
During the quarter, Barclays also took a 700 million charge related to payment protection insurance. The insurance product was widely sold for more than two decades in Britain, targeting consumers taking out mortgages, credit cards or other loans. <\/p>\n
But British regulators determined that complex pricing and detailed conditions on eligibility to make claims made the product inappropriate for some consumers. Compensation for those who were sold it improperly has cost the industry tens of billions of pounds. <\/p>\n
Lloyds Banking Group, one of the biggest providers of the loan insurance in Britain, took a similar charge of 700 million as part of its second quarter results on Thursday. <\/p>\n
British banks expect to be able to draw a line on claims as regulators have set an August 2019 deadline for consumers to seek compensation. <\/p>\n
But Barclays is still facing a series of other regulatory issues. <\/p>\n
It was sued by the United States Justice Department in December over its sale of securities linked toxic mortgages. <\/p>\n
British authorities filed criminal charges in June against the bank and several former executives, accusing them of conspiring to misrepresent arrangements made with the Persian Gulf nation of Qatar in 2008, as the bank raised capital to help it weather the financial crisis. <\/p>\n
And, Mr. Staley himself is facing an inquiry by regulators over his handling of a whistle-blower complaint. <\/p>\n
Revenue declined about 2 percent in the second quarter in its corporate and investment bank. The banks credit and equity trading businesses reported double-digit revenue gains, while its rates and currency trading business saw a 25 percent decline in revenue. <\/p>\n
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Barclays Reports 'Pretty Good Progress,' and a $1.8 Billion Loss - New York Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Barclays results, however, showed the costs of its restructuring efforts. The bank reported a loss of 1.4 billion pounds, or about $1.8 billion. That compared with a profit of 677 million in the second quarter of 2016 Continue reading