Barclays hit by big loss after PPI mis-selling bill soars

Bad times for Barclays

Barclays’ profits slumped in the first half of this year after costs for the bank’s PPI mis-selling scandal soared by £400m.

The bank made £2.1bn in the past six months, down 21% on the same period of 2015.

This is particularly bad news for new boss Jes Staley who was made responsible for boosting Barclays. Staley has been on a mission to dispose operations in France, Spain and Italy.

“Our strategy remains the right one, it is anchored on the belief that we want to be a large, diversified financial institution because we’re not going to escape the economic volatility of economic cycles, and that is particularly noteworthy after the Brexit vote,” said Mr Staley.

“We went into Brexit with a very strong capital position, extremely liquid and a very conservative, prudent approach to credit. Our goal… is for Barclays to be a centre of stability when there are uncertain times in the economy.”

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