Barclays’s McFarlane Steps Up Pace of Revamp as Profit Rises
Profit Rise for Barclays as Revamp Continues
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Barclays Plc Chairman John McFarlane pledged to step up the pace of his overhaul of the British lender as it reported a 8.8 percent increase in profit, driven by its investment banking and credit card operations.
Pretax profit, including restructuring costs, rose to 1.85 billion pounds ($2.9 billion) in the second quarter from 1.7 billion pounds in the year-earlier period, Barclays said in a statement Wednesday. That’s in line with the 1.8 billion-pound average estimate of five analysts compiled by Bloomberg.