Barclays suffered losses in the first quarter due to fines in the US

British bank Barclays reported that in the first quarter it had recorded a net loss of 764 million pounds sterling against a profit of 190 million pounds over the same period last year due to fines imposed by the US authorities. Quarterly revenues amounted to 5 billion 360 million pounds, declining in annual terms by 8%. The pre-tax loss of the bank was 236 million pounds against profit of 1 billion 680 million pounds. Barclays paid a $2 billion fine to solve the problem with the US Justice Department, and reserved £400 million in compensation to customers who had complained that bank employees were selling unwanted insurance to them.

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