Barclays is expected to enlist its auditor PricewaterhouseCoopers (PwC) to provide more than just 'words' in an effort to reassure the market still concerned about the impact of the sub-prime crisis after Citigroup, Morgan Stanley and Merrill Lynch between them reported losses of more than £10 billion on sub-prime mortgages and financial instruments.
TimesOnline today quotes an Barclay ‘insider’ who said that the bank was ‘aware of what the markets are interested in . . . We have always been at the transparent end of the spectrum’.
Bob Diamond, Barclays president, issued a statement today ahead of its eagerly awaited trading update, scheduled for November 27, saying ‘year to date performance through September at Barclays Capital, Barclays Global Investors and Barclays Wealth was strong with income and profits well ahead of last year’.
‘At Barclays Capital, September profits were substantially ahead of July and August. I continue to expect profitable trading for the rest of 2007,’ he said.
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