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Barclays poised to announce that its profits rocketed 66%

Barclays poised to announce that its profits rocketed 66% to £1.4bn for the first three months of the year

Barclays is poised to report a jump in profits. 

It comes as investors wait for the outcome of an investigation into its chief executive’s ties to convicted paedophile Jeffrey Epstein. 

The bank is booking higher profits as it no longer needs to set aside billions to cover the cost of bad loans due to the pandemic. 

Boost: The bank is booking higher profits as it no longer needs to set aside billions to cover the cost of bad loans due to the pandemic

It is tipped to announce that its profits rocketed 66 per cent to £1.4billion for the first three months of the year, according to analysts. 

Revenues are forecast to fall 10 per cent to £5.7billion. 

Chief executive Jes Staley is under pressure amid an ongoing probe by the Financial Conduct Authority, which is investigating whether he accurately disclosed his ties to Epstein. 

During his time at JP Morgan, Staley was Epstein’s private banker. The pair stayed in touch until 2015 – seven years after Epstein was convicted of soliciting a child for prostitution. In late 2015, Staley visited Epstein’s island just months before taking the job at Barclays. There is no suggestion of any wrongdoing by Staley.

Read more at DailyMail.co.uk