Barclays reported a 14% fall in full-year pretax profit as earnings were hit by surging costs, a collapse in deal fees and multi-million dollar fines relating to an administrative blunder
Barclays' results were further marred by 1.2 billion pounds in credit impairment charges and a 26% leap in costs to 8.9 billion pounds. Net profit of 7 billion pounds was down from 8.2 billion the year before.
The bank said it would not hit a medium-term target of reducing its cost-to-income ratio below 60% in 2023, and it would achieve its goal of making a more than 10% return on tangible equity next year, having previously described this as a "medium term" goal.
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