Barclays faces pay backlash after profits hit by string of charges

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Profits growth was driven by positive operating jaws, the difference between the rate of revenue growth and that of cost growth, as operating expenses decreased 5% to £15.5bn even including litigation and conduct charges of £1.2bn.

Group total income dipped by 2% to GBP21.08 billion for 2017 from GBP21.45 billion for 2016.

Banking giant Barclays has posted a 10 per cent rise in annual profits, but this was lower than expected after its investment bank saw earnings dive 22 per cent.

She (Munich: SOQ.MU - news) said: "Barclays has signed up to the Women in Finance Charter, which commits signatories to supporting the progression of women into senior roles in the financial services sector". Group basic loss per share was 10.3 pence, compared to earnings per share of 10.4 pence a year ago.

The bank said it had no update on the outcome of a probe by Britain's banking regulators into chief executive Jes Staley's attempts to unmask a whistleblower past year.

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"Group profit before tax increased 10 per cent year-on-year as a result of our team's focus on execution".

Barclays declared a dividend of 3.0 pence per share for 2017, and added that it intends to pay a dividend of 6.5 pence per share in 2018.

However, weak market conditions for its corporate and investment bank saw profits in the division tumble to £2.1bn a year ago from £2.7bn in 2016.

He also noted Barclays grew its mortgage portfolio and saw total credit impairment charges and other provisions down 13%, but that trading revenues at the CIB suffered a poor fourth quarter like all the big banks, though it looked as though Barclays did a bit better than its U.S. peers.

Barclays pay committee will keep Staley's 2016 "variable remuneration under review pending the outcome of the investigation relating to his involvement in a whistle-blowing matter", it said.