By Margot Patrick
LONDON-- Barclays PLC on Tuesday said fines and legal costs
pushed it to a GBP174 million ($267.4 million) net loss for the
year, as it set aside an extra GBP750 million for an investigation
into foreign-exchange markets.
Adjusted pretax profit for the year rose 12% to GBP5.5 billion
from GBP4.9 billion, beating the roughly GBP5.3 billion expected by
analysts. Barclays posted a GBP1.68 billion net loss in the fourth
quarter, bigger than a GBP642 net loss in the last three months of
2013, largely because of a revaluation of loan portfolio held in
its noncore division.
The bank made a GBP540 million net profit in 2013.
Barclays has now set aside GBP1.25 billion to cover potential
foreign-exchange settlements, made up of a GBP500 million provision
in the third quarter and the new GBP750 million charge.
Among a long list of legal provisions, it said another, unnamed
regulator is looking at aspects of a continuing investigation by
U.S. and British prosecutors over a deal Barclays struck with a
Qatari investment vehicle while raising funds in 2008.
The bank said it is also providing information to the U.S.
Department of Justice as part of the agency's investigation into
precious metals.
Chief Executive Antony Jenkins has shrunk Barclays's investment
bank and cut thousands of jobs across the group to improve profits.
But, along with its peers, it has been dogged by fines for past
misconduct and is being probed for alleged wrongdoing in several
trading markets.
"We remain focused on addressing outstanding conduct issues,
including those relating to foreign exchange trading," Mr. Jenkins
said Tuesday. He said the behavior at the center of the
investigations is "wholly incompatible with our values."
Even so, Mr. Jenkins collected a GBP1.1 million bonus, after
turning down a bonus last year in part because of the costs of past
misconduct. His total pay package for the year was GBP5.5
million.
Write to Margot Patrick at margot.patrick@wsj.com
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