News Summary: Barclays returns to profit in 1Q
Barclays returns to profit in first quarter as it tries to move on from recent scandals
BACK IN BLACK: Barclays PLC on Wednesday reported a return to profit in the first quarter, as it tries to restructure and get past recent scandals.
OUT OF THE HOLE: In the three months ending March 31, Barclays made an adjusted profit after tax of 839 million pounds ($1.3 billion). That contrasted with a 589 million pound loss a year.
MONEY TALK: Costs included 514 million pounds for "Project Transform," which aims to shed 3,700 jobs, trim Barclays' investment banking arm and move on from scandals that included a $450 million fine for its involvement in the rigging of a key market interest rate.
