Barclays Group’s profits fell by 8% to £2.1bn in 2015 as the cost of payment protection insurance surged.
Barclays Group’s profits fell by 8% to £2.1bn in 2015 as the cost of payment protection insurance surged.
The bank paid £2.7bn to redress customers in 2015, up from £1.1bn in 2014 – with £2.2bn relating to PPI alone.
Barclays set aside £1.6bn against PPI claims in the fourth quarter of the year and £1.2bn to tackle investigations and litigation including Foreign Exchange.
Jes Staley, Barclays Group chief executive, said: “Barclays is fundamentally on the right path, and is, at its core, a very good business," said group chief executive.
"There is of course more we need to do and areas where I believe we can move much faster to deliver the high performing group that Barclays can and should be. 2016 will consequently be a year of accelerated delivery from a good base."
