Skip to content

Subscriber Only

Barclays Warns It’s Very Unlikely to Hit Profitability Goal

Bank may cut costs by slashing awards, finance director says
Coronavirus, low interest rates among headwinds for the lender

A worker cleans a sign outside a bank branch of Barclays Plc in London, U.K., on Monday, July 8, 2019. The U.K.'s Competition and Markets Authority (CMA) told Barclays to stop bundling products together and ensure measures are put in place so it doesn’t happen again, according to a website statement. — Photographer: Jason Alden/Bloomberg

By

Stefania Spezzati and

March 17, 2020, 8:42 PM UTCUpdated onMarch 18, 2020, 9:00 AM UTC

Barclays Plc might struggle to reach its profitability target for the year and could cut discretionary awards as the coronavirus pandemic disrupts its business, joining a string of global lenders.

“It’s going to be a tough year for earnings,” Tushar Morzaria, finance director, said on Tuesday at the Morgan Stanley European Financials Conference, held virtually this year.