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The Hefty Price Tag for Reinventing Barclays

  • Lender completes CEO’s plan to reduce Africa, non-core units
  • Investment bank profit rises even as trading revenue drops
Bloomberg business news

Barclays' CEO on Earnings, PPI Charges, Consumer Credit

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Jes Staley finally has the Barclays Plc he wants. But it cost him.

The lender posted a net loss in the second quarter, driven by the cost of selling down its Africa unit and an unexpected charge for the payment protection insurance scandal. The bank said it now aims to earn a return on tangible equity of more than 10 percent as it moves past the issues that have weighed on profitability.