Barclays $2.6 Billion Bad Loans Overshadow Trading Surge
- Staley warns of tough year as virus pandemic hits economies
- Markets revenue beats Wall Street trading in first quarter
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A blockbuster quarter for Barclays Plc’s traders was overshadowed by a 2.1 billion pound ($2.6 billion) bad-loan charge stemming from the coronavirus pandemic.
The securities division reported a 77% jump in first-quarter trading revenue on Wednesday as the virus whipsawed markets, beating the average 30% gain at U.S. peers. However, the lender set aside its biggest quarterly provision in a decade to cover defaults across the economy, and joined peers in warning of tough times ahead.