Barclays flies after Q2 resutls

|About: Barclays PLC (BCS)|By:, SA News Editor

Barclays (NYSE:BCS) Q2 net income of £161M was ahead of expectations and compared to last year's Q2 loss of £168M.

Amid a restructuring plan which includes the slashing of 19K jobs over the next three years, management - on the earnings call - said about 5K have been eliminated so far this year and headcount is at its lowest since 2007.

The bank also set aside another £900M to compensate clients for improper sales of payment protection insurance. Thus far, Barclays has paid out £3.56B in claims.

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