Barclays announces losses

Grovelawn Financial News 15/05/2008

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Banks profits are down as it loses £1billion

Barclays bank announced a loss of £1billion as a result of the credit crunch. It's first quarter profits are lower than a year ago and the bank's finance director, Chris Lucas, has not ruled out a rights issue and said they were keeping all their options open. The bank did not reveal the total extent of their drop in profits. There has been speculation that the bank may opt for a possible cash injection from overseas from the Korean Investment Corporation.

Barclays announced loses that included £598 million loans write downs and in February it posted a loss of £1.6billion and said it expected a further six months of turmoil. In contrast, its investment banking business continued to make a profit in the first quarter.

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