2018 Starts With a Loss for Barclays: Weak Top Line and Higher Litigation Charges Hit the Quarter
No-moat Barclays posted GBP 764 million loss for the first quarter of 2018, compared with profit of GBP 190 million a year earlier. While the total revenue line was weak, declining 8% year over year, operating expenses were higher on the back of the settlement with the U.S. Department of Justice regarding residential mortgage-backed securities and additional provision charges relating to payment protection insurance, or PPI, charges. However, while RMBS charges hit the quarterly profit, we think...
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