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Bank charges: Barclays profits fall but gains on bonuses

Barclays bank has seen profits fall by 25 per cent to £1.8 billion in the first quarter of 2013.

Yet it also reported that it had made a windfall gain of £235 million from its bonuses last year. This was as a result of a complex financial transaction that saw bonuses awarded to 140,000 of its staff.

Profits had fallen overall at the bank as a result of its restructuring program, Project Transform.

The bank has been implementing cost cutting measures following a fall in profits last year. These have included cutting 3,700 jobs, scaling back its investment arm and changing the bank’s culture.

This was as a result of the bank’s involvement in financial scandals, such as the mis-selling of payment protection insurance and fixing the Libor rate.

Chief executive Antony Jenkins has been trying to change Barclays and recover its reputation after he took over as head of the bank from Bob Diamond.

Mr Diamond stepped down after the bank was fined £290 million for Libor rigging.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801576257-ADNFCR

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