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Barclays moves to assuage investors after sharp slide on Friday


Published :
Sat, 17 Jan 2009 09:33
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London - Barclays has moved to assure investors that it will report a profit of more than 5.3 billion pounds (7.8 billion dollars) for 2008, after unexpected market turbulence caused a sharp drop in the bank's shares on Friday. "The Board of Barclays knows no justification for the fall in the share price," read a statement from the bank, issued late Friday. "The board of Barclays expects to report profit before tax from the year ... well ahead of the 5,300-million-pound consensus estimate of sell-side analysts."

The move comes a day after the bank's share price took a beating Friday, falling by more than 24 per cent at one point, reported the Press Association.

Other British banks also suffered, reported the Press Association, noting market speculation that more banks might seek government handouts in the near future in reaction to the ongoing financial crisis.

The drop in Barclays share price also came on the same day that Citigroup announced steep losses and Bank of America reported a drop-off in revenues.

Analysts also noted that Friday's market turbulence also coincided with the end of a temporary ban on the short selling of stocks in British markets.

The bank is not scheduled to release full results for 2008 until February 17.


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