At the End of the Day

The Slog

The turning of the tide continues

There was a lot of bullish sentiment about Barclays Bank results earlier today across the financial blogosphere – headlines like ‘Barclays leads recovery’ were commonplace – but it turned out yet again to be a load of old toss. Late this morning GMT, posts saying ‘Barclays 26% shy of estimates’ began to leak. And now we know (for now) the full picture. I say ‘for now’ there, because with each minute/hour/day that passes, what passes for full can very easily become a debate about half-full versus half-empty.

In this case, the former Diamond fiefdom is a quarter empty. As Bloomberg reports today, ‘Adjusted pretax profit for 2013 was 5.2 billion pounds ($8.5 billion), London-based Barclays said in a statement today. That’s 26 percent down from 7.05 billion pounds in 2012 and missed the 5.4 billion-pound consensus analyst estimate compiled by the bank.’ Well duckie…

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