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Bank sees slump in profits

Barclays compensates for mis-sold FX products

BarclaysBarclays reported a 10% slump in quarterly profit and has set aside £290 million to compensate customers mis-sold foreign exchange products.

It has also said it expected implementing the “ring-fencing” of its UK retail bank from its investment bank to cost it £400m. This is a government measure being introduced in 2019 in response the banking crash.

Barclays lifted its guidance for core costs to £14.9 billion from 14.5bn.

The bank has hired former JPMorgan boss Jes Staley as chief executive following the departure of Antony Jenkins in the summer.

Barclays reported an adjusted pretax profit of £1.43bn for the three months to the end of September, from £1.59bn a year ago.

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