Barclays Plans Cost Cuts After Trading Miss, Lower Guidance
- Lender lowers outlook for UK net interest margin in 2023
- Bank say it is evaluating actions to ‘reduce structural costs’
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Barclays Plc is planning to cut costs after the banking giant’s trading division missed estimates in the third quarter and the firm lowered guidance for its UK lender again.
The British group’s corporate and investment bank reported £3.08 billion ($3.8 billion) in revenue, weaker than the £3.24 billion expected by analysts, as fixed income, currency and commodity trading declined by 26% on a year ago.