Barclays profits slump by a third

Barclays saw its pre-tax profits fall by a third during the first half of the year, with PPI claims and reduced bond trading activity hitting earnings.

Barclays revealed pre-tax profits for the first six months of this year came in at £2.6bn, down 33% from the same period last year, but beating analysts' forecasts of £2.4bn. Barclays Capital's half-year profit fell 9% on the year and income at the investment banking arm was down 11% to £6.26bn billion pounds, led by a fall in fixed income revenue. The bank was hit with a £1bn charge for settling claims of mis-selling of payment protection insurance (PPI). Chief executive Bob Diamond said: "I am pleased with the progress made across Barclays in the first half. We have performed wel...