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Profits slip at Barclays

Barclays ’ credit quality continued to improve during 2011, with the group bad debt charge down by a third to £3.8bn - but tough fourth quarter trading pushed full-year profits below analysts’ expectations. After revealing that the return on equity had slipped to just 6.6 per cent, chief executive Bob Mr Diamond admitted that “we may not be able to deliver” on the 13 per cent return target set for 2013. “Today is not his [Mr Diamond’s] finest hour,” remarked banking analyst Ian Gordon of Investec Securities.

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By John Adams,
13 February 2012

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