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Bank hit by litigation

Barclays reports underlying profit in Q1

Barclays has reported a bottom line loss of £236m in its first quarter which turned into a £1.7 billion profit after taking out a $2bn (£1.4bn) settlement with the US government.

The agreement with the US authorities was in relation to the sale of toxic mortgage-backed securities in the run-up to the 2007 financial crisis.

There was a further £400 million hit to cover claims against mis-selling of payment insurance products in Britain

Chief executive Jes Staley said the investment bank had one of its most profitable quarters.



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