Gold Silver Reports – Barclays reports £1.9bn loss amid Trump tax changes — Hefty charges related to Donald Trump’s corporate tax changes, the cost of exiting Africa, the collapse of Carillion and legal battles pushed Barclays nearly £2bn into the red last year. Chief executive Jes Staley, who hailed a year of “considerable strategic progress,” collected a pay package of £3.9m, down from £4.2m, with his annual bonus cut to £1.07m from £1.3m and benefits also down, while his salary stayed at £2.4m.
The group reported an after-tax loss of £1.9bn for 2017, against a net profit of £1.6bn the previous year, largely due to a one-off US tax charge of £900m and a £2.5bn loss on the sale of the African business. It also took a £127m hit from the collapse of construction group Carillion.
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Stripping out these one-off costs, Barclays posted a pretax profit of £3.5bn, up 10%. UK profits were broadly flat at £1.7bn, with income down 2%. The company more than doubled its dividend to 6.5p for 2018 and signaled future share buybacks, sending its share price 5.3% higher. – Goldman Neal Bhai Reports
