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Friday, July 27, 2012

Barclays Says Sorry As Profit Plunge Of 71%

The boss of Barclays has apologised for the rate-fixing scandal, as the bank announces a plunge of 71% in statutory profits for the first half of the year.

The bank said the statutory profit before tax to June 30 was £759m, a drop of £1.885bn in 2011, and cited fines and mis-selling compensation as factors in the fall.

Its image has been tarnished in recent months after it was fined £290m by US and UK regulators over fixing of the inter-bank lending rate, or Libor.

Executive chairman Marcus Agius said the scandal had been "challenging" for Barclays.

Mr Agius, who was quizzed by MPs at the Treasury Select Committee said: "We are sorry for what has happened because of recent events.

"Our customers and clients are at the heart of what we do.

"I am confident we can and will repair the reputational damage done to our business in their eyes and those of all our stakeholders." Read More