Published: Wednesday April 24, 2013 MYT 2:44:00 PM

Barclays first-quarter profit hit by restructuring charge

LONDON: British bank Barclays said first-quarter profit fell a quarter from a year ago after a rise in losses in its European business and a hefty bill for the cost of a restructuring plan by its new chief executive.

Barclays on Wednesday reported an adjusted pretax profit for the three months ended March of 1.79 billion pounds ($2.74 billion), down from 2.4 billion a year ago and just below a mean forecast of 1.85 billion from analysts polled by the company.

Profits were dented by a 514-million-pound charge to cover costs associated with "Project Transform", CEO Antony Jenkins' plan to axe 3,700 jobs, prune the investment bank and reform the bank's culture after a series of scandals. - Reuters

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