Barclays Posts Staggering 19% Net Profit Slide After Costly U.S. Trading Blunder

Barclays, one of the largest banks in the world, posted a 19% drop in their annual net profit after a costly trading blunder in the U.S. This has caused their shares to drop 8%.

The financial institution reported that their fixed income trading revenue fell short of expectations, leading to a 15% decrease in their pre-tax profits. The bank’s profit also decreased 8% to £1.3 billion.

European markets opened lower after key inflation data was released, and Barclays was down 8%.

The bank has taken steps to ensure that such a costly mistake is not repeated, and that their financial performance is not adversely affected. Investors are hoping that the bank will be able to make a successful recovery.

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