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Tag: Barclays

Coronavirus: Barclays says loans worth £4.8bn may never be repaid

Coronavirus: Barclays says loans worth £4.8bn may never be repaid

Business
Getty ImagesBarclays has reported a big drop in annual profits, having set aside billions of pounds for loans expected to turn sour due to the pandemic.The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019.It was forced to set aside £4.8bn to cover loans unlikely to be paid back amid the economic fallout of Covid.Despite that the bank announced it would resume dividends, with a payment of 1p per share to shareholders.'Resilient and diversified'The bank has been one of the biggest providers of emergency loans during the coronavirus crisis, having given some £27bn worth to businesses.It has also provided more than 680,000 payment holidays globally for customers with mortgages, credit cards and loans.Barclays warned that pandemic-related costs would rema...
Barclays weigh £3bn float of online retailer Very Group

Barclays weigh £3bn float of online retailer Very Group

Business
The proprietors of The Daily Telegraph have begun exploring plans for a £3bn-plus flotation of Very Group, their booming online retail operation.Sky News has learnt that the Barclay family is at the early stages of examining whether to take Very to the public markets in order to capitalise on exploding investor interest in digitally led retailers. Insiders said that the family had started evaluating such a move prior to the unexpected death this week of Sir David Barclay, who with his twin brother Sir Frederick had built one of Britain's biggest private business empires.A decision about an initial public offering (IPO) of Very Group is not thought to be imminent, but sources close to the family acknowledged that it was under more serious contemplation than at any previous point. ...
Barclays warns pandemic could cost it £2.1bn

Barclays warns pandemic could cost it £2.1bn

Business
Barclays has warned the coronavirus pandemic could cost it some £2.1bn, largely due to customers being unable to repay their loans. The firm said it was setting the money aside to cover its "initial estimates" of the impact of the virus. The impairment charge meant its profits for the first three months of 2020 dived 38% to £913m, it said.On Tuesday rival lender HSBC reported a 50% fall in profits linked to the pandemic.HSBC had forecast that bad loans would rise to $ 3bn (£2.4bn) due to customers not being able to repay them during the crisis.'Developing economic downturn'Barclays said on Wednesday the impact of the pandemic "came late in what was until that point a good quarter".But it said that despite the challenging environment, it was well placed to...
WIN! Tickets to see Everton in the Premier League and Barclays FA Women’s Super League, thanks to Barclays!

WIN! Tickets to see Everton in the Premier League and Barclays FA Women’s Super League, thanks to Barclays!

Sports
As the lead sponsor of the Barclays FA Women’s Super League and the Official Banking Partner of the Premier League, Barclays have teamed up with talkSPORT to get you to the biggest games in football! This week we are giving away a bundle of Everton tickets: Two Premier League tickets to see Everton v Leicester City at Goodison Park on Monday 6th April April at 8pmand…Four Barclays FA Women’s Super League tickets to see Everton Ladies v Birmingham City Women at Walton Hall Park on Sunday 29th March at 12:30pm Please note that by entering this competition your information will be used in accordance with Wireless Privacy Policy, and your data will be used to contact you in case you are selected as the winner. For your chance to win this fantastic bundle of all SIX tickets, simply answer...
Barclays in Post Office cash withdrawal climbdown

Barclays in Post Office cash withdrawal climbdown

Business
By Wale Azeez, business reporter Barclays has reversed its decision to stop the bank's customers from making cash withdrawals from the Post Office just two weeks after it announced the move.The company now says it will continue to allow customers to use their debit cards to take cash out over Post Office counters "for the next three years". The banking group faced widespread criticism and expressions of dismay from parliament, regulators, campaigners and the Post Office itself after announcing that from 8 January 2020, customers would no longer be able to withdraw cash from the Post Office using the cards.Its decision to scrap the service came at a time of rising concern about the demise of bank branches and free-to-use ATMs, particular...