Barclays reports modest Q3 loss under new CEO

Provision for misspelling insurance helps push Barclays to third-quarter loss

Associated Press

LONDON (AP) -- Barclays PLC has reported a third quarter net loss of 200 million pounds ($322 million) as earnings were hit in part by a previously announced 700 million pounds rise in provisions to compensate customers for payment protection insurance.

The loss disclosed Wednesday compared with a profit of 2.7 billion pounds a year ago.

Barclays says adjusted income, a measure of revenue, was flat at 22.3 billion pounds.

It was the bank's first earnings report since Anthony Jenkins was appointed chief executive in August. He replaced Bob Diamond, who resigned following revelations that some Barclays employees had attempted to manipulate the London interbank offered rate (LIBOR), a key global financial index.

Jenkins said the results demonstrated good momentum but added, "we have much to do to restore trust among stakeholders."

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