Barclays 3Q Profit Drops 26%

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Oct. 30 (Bloomberg) -- Bloomberg’s Manus Cranny reports Barclay’s earnings and company strategy. He speaks on Bloomberg Television’s “On The Move.” (Source: Bloomberg)

Seem to be in line with expectations.

I'm going to leave numbers to one side.

There are other parts of barclays.

I know the investment bank is 40% of revenue.

What the market is looking at is what they call profit before tax.

The u.k. retail business -- corporate investment banking.

Bad debt in europe down by almost 50%. this is reading through what chris has written this morning.

Those are the things that are going to drive strategy.

We know he is going to reduce the size of the investment bank.

That is progressing.

That is evolution.

Equities, we are good.

Equities are good for everybody.

That is going well.

The investment bank, it has got its problems in terms of commodities and currencies.

There is no more charge on the debt.

I am not saying it is over.

Overall, it has been a big quarter.

We saw capital increase that hasn't done anything to the shares.

At the same time, all this litigation.

Still always at the back of everyone's mind.

It is.

The most recent one is foreign exchange.

Foreign exchange is a big business.

That investigation is starting to the.

-- too.

I anyway, the point is they are going to challenge the finding.

I think when you look at the litany of back catalog issues, libor, payment protection etc., those are moving into legacy.

Fx could trump all of that.

The bottom line -- he made it quite clear to me that this is his top pick in europe.

Why would you buy barclays?

You buy barclays because you know he is going to transform the bank, rip out costs, restructure, rebalance and move forward.

But you don't really know what they're going to become.

You have to have a pretty good sense -- a good vision.

Up next, we had to dublin after the break where the web summit is underway.

? welcome back to "on the move ." i am francine lacqua at bloomberg european headquarters.

We're 30 minutes into the trading day.

This is a picture for a lot of these markets.

We are still gaining.

Investors are awaiting a u.s. private payrolls report and the outcome of a two-day federal reserve policy meeting.

Let's have a look at how currencies are reacting to all of this.

The dollar maintaining its gain versus the yen before that fed decision.

The aussie, a lot of investors think it may be the most overvalued currency.

You can see aussie dollar, u.s. dollar 0.95 area -- this is a bank that faces regulatory investigation.

Earlier this month, rbs handed over instant message wreckers after communications were inappropriate.

Jpmorgan's terms of its settlement with the u.s. government is set to be facing resistance.

The justice department told the bank it won't agree to language it submitted earlier this month.

Jpmorgan was trying to complete their $13 billion sentiment last week.

U.s. intelligence officials offered no apologies for spying on foreign leaders.

The director of national intelligence drew the line at collecting records of european citizens.

We focus on the secret plans and intentions of our foreign adversaries as we have been charged to do.

What we do not do is buy unlawfully on americans or for that matter, spy on the citizens of any country.

We only spy for valid foreign intelligence purposes as authorized by law.

For more, let's get to hans nichols in berlin.

He has been covering the white house for many years.

What can you tell us?

The reaction in europe has been pretty violent.

The white house is not apologizing.

I make a distinction between the white house and the spymasters that we heard testify on capitol hill yesterday.

That is what is so remarkable.

Don't pick a fight with the head of a spy agency.

They know more than you.

You saw to push back yesterday.

One, you saw the spymasters say white house officials were aware of the kind of eavesdropping that they did.

They didn't say the president

This text has been automatically generated. It may not be 100% accurate.

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