Barclays fears £150m EU hit Brexit blow but firm still makes £3.5billion

BARCLAYS revealed yesterday it could take a £150million hit from Brexit uncertainty.

The bank estimated how much its UK credit card and business lending could lose because of the impact on the economy of nervousness around Britain’s departure from the EU.

Despite this pessimism, Barclays still managed to make annual profits of £3.5billion – £110 a second – broadly flat on the previous year.

It would have made £5.7bn had it not been for another wave of payouts and fines for wrongdoing.

They included selling toxic mortgage loans in the run-up to the financial crisis.

It also set aside £400m for payouts over ongoing payment protection insurance misselling. Boss Jes Staley said last year was “very significant” as it beefed up its investment banking side.

Barclays’ annual report showed Staley was paid £3.4m for 2018, down from £3.9m in 2017 after seeing £500,000 of previous bonuses clawed back. This came following an investigation into his attempt to uncover a whistleblower.

He still received an annual bonus of £1.1m for 2018.

The report also showed nearly 500 staff were paid at least one millon euros – £870,000 – each, including one unnamed high flyer who got around £11m.

The news comes as Barclays faces pressure from activist investor Edward Bramson who wants to muscle his way onto the board.

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