Barclays reinstates dividend despite £1.9bn loss

Barclays swings to £1.9bn loss investment bank profits tumble

Barclays swings to £1.9bn loss investment bank profits tumble

It said charges also included a £901m hit from changes to US corporate tax laws made by US President Donald Trump in December and a previously announced £1.2bn write-down from the sale of Barclays Africa Group.

"2017 was a year of considerable strategic progress for Barclays", Barclays' CEO Jes Staley said in a statement released with the results.

Numerous banks have seen tax write-downs in the billions in their fourth quarter results due to the Republican-led tax overhaul passed in December of a year ago, though the losses are expected to be one-offs.

Barclays has posted an annual loss of £1.9bn and faced a backlash on gender pay after it admitted women in its investment bank unit are paid, on average, nearly half the sum enjoyed by men.

Barclays bosses said after the results were posted that the bank would take a £127m hit from Carillion's failure.

While Barclays had an attributable loss of nearly £2 billion, pre-tax profits rose by 10% to £3.5 billion.

The results come after Mr Staley recently completed a group-wide restructure, having overseen a mammoth programme to offload non-core businesses in a bid to focus on core United Kingdom and U.S. operations.

"We have a portfolio of profitable businesses, producing significant earnings, and have plans and investments in place to grow those earnings over time".

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"We have already started to see some of the benefits of our work in 2017".

Mr Staley said market volatility since the start of 2018 had boosted its investment bank, with income "tracking above" the previous year.

Shares in the British bank were up 5.1 percent to 212 pence at 1043 GMT, sending Barclays to the top of the FTSE .FTSE index risers after it said it would resume paying its full dividend of 6.5 pence per share, which it halved in March 2016 in order to provide extra funds to pay for restructuring.

He received a bonus of about 1.07 million pounds ($1.5 million), giving him a total pay package worth about 3.87 million pounds, according to the London-based bank's annual report.

The bank set aside £1.2bn to cover costs from litigation and conduct, compared with £1.4bn in 2016.

The U.K. Financial Conduct Authority opened an investigation in 2017 looking at Staley's alleged attempt to find out the name of the employee that wrote a letter raising concerns about the recruitment of a senior official by the bank.

Revenues were £21.1bn and bonuses awarded to staff were flat at £1.5bn.

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