The British bank is navigating weak economic growth projections in the U.K. and euro zone as ongoing uncertainty over trade and Brexit bleaken the outlook from the European Central Bank and the Bank of England, the latter of which makes its interest rate decision Thursday.
on Thursday reported its second-quarter net profit of £1.03 billion , compared to £1.2 billion in the same period a year earlier.The British bank is navigating weak economic growth projections in the U.K. and euro zone as ongoing uncertainty over trade and Brexit bleaken the outlook from the European Central Bank and the Bank of England, the latter of which makes its interest rate decision Thursday.
Barclays had warned in its first-quarter earnings that if tough market conditions persisted, it could be forced to reduce annual costs for 2019 below the previously expected £13.6 to £13.9 billion range. The bank has been faced with intensifying pressure from its shareholders in recent months, with CEO Jes Staley eager to prove that his turnaround plan for the investment bank is on track.
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Halfway through earnings season, it looks like we are going to dodge the feared profit recessionHalf way through the earnings season, we've seen few surprises, but the market seems increasingly dependent on interest rate cuts. Expectations are lowered Things are going well. Never Trump weeps.
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