Barclays reported a doubling of third quarter profits, beating market expectations, as it followed Wall Street rivals in reaping bumper investment banking fees from a surge in advisory mandates and equities trading.
Barclays' building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay/File Photoreported a doubling of third quarter profits, beating market expectations, as it followed Wall Street rivals in reaping bumper investment banking fees from a surge in advisory mandates and equities trading.
Barclays' advisory and equities business had a record performance in the first nine months of the year, the bank said, driving a return on equity for the overall investment bank of 16.4% compared to 10.5% a year ago. The results were boosted by the bank releasing 622 million pounds in cash set aside for bad debt charges that have yet to materialise, after government support measures propped up businesses.
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