Barclays profits up 12% with £500m buyback
Barclays Bank of the UK reported a 12% increase in pre-tax profits in the third quarter of the year, reaching £2.3 billion compared to £2.1 billion in the same period last year. Analysts had expected £2.4 billion. The bank also announced a plan to buy back shares worth £500 million and to reduce structural costs by £201 million during the quarter, having already eliminated a thousand jobs and beginning to cut another 4,000 jobs by the end of the year, as part of its efforts to lower costs through technology and artificial intelligence. This comes amid expectations that the Bank of England will raise interest rates by 25 basis points in November, along with the potential increase in taxes on bank profits in Britain, which could impact their profits and lending operations.
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