Barclays shares fall 5% on Q3 profits drop

FTSE 100 down 0.9%

Shares in Barclays fell 5.3% by mid-morning, after the bank reported a drop in third quarter profits and announced additional provisions set aside for settlements.

Barclays reported this morning its profit before tax, not including £560m set aside for settlements, dropped 10% to £1.43bn for the July-to-September period. Its share price was trading 5.3% lower by 11am at 239p, dragging down the wider FTSE 100 index. The news comes the day after the bank confirmed ex-J.P. Morgan banker Jes Staley is to join as its new chief executive. In its results, Barclays said it had seen slow progress within its non-core businesses, while losses for the package of businesses more than doubled to £337m. The company also announced provisions of £270m to se...