Barclays Trading Gives Staley Momentum, But Misconduct Bites
- Staley repeats intention to return more capital to investors
- Capital hit with surprise PPI charge on top of DOJ settlement
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Barclays Plc is finally showing some momentum for Jes Staley, whose beefed-up investment bank tracked Wall Street’s surge in equities revenue.
The British bank beat trading expectations for a second straight quarter, driven by a 28 percent jump in revenue from dealing stocks, matching the performance of U.S. rivals after a volatile start to the year boosted client activity. The results were blemished by another 2 billion pounds ($2.8 billion) of misconduct charges, a reminder of the firm’s involvement in past scandals that it has promised to stamp out.