Barclays in good shape: New boss

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NEW Barclays boss Antony Jenkins insisted the bank was in good shape today despite a torrent of reputation-scarring scandals and a £47m quarterly loss.

Delivering his first set of results since taking over from Bob Diamond in the wake of the Libor-fixing affair, Mr Jenkins said the lender had “much to do to restore trust among stakeholders” but remained “strong and well-positioned”.

Barclays reported a statutory loss of £47m in the three months to September, compared with a £2.4bn profit in the same quarter last year.

The loss was driven by a £700m hit to cover mis-sold PPI claims and a one-off £1bn charge against the value of the bank’s own credit.

But stripping out the impact of the PPI charge, the bank reported underlying pre-tax profits for the third quarter of £1.7bn, compared with £1.3bn last year.

The investment bank - the powerhouse built by Mr Diamond - more than doubled its third quarter underlying pre-tax profits to £937 million, while UK retail banking slipped 19 per cent year-on-year to £400m in the same period.