A £1.4bn settlement over the mis-selling of mortgage securities in the US wiped out profits at Barclays during the first quarter — a period of otherwise strong performance in the group's investment bank.
Barclays on Thursday reported a pre-tax loss of £236m, swinging from a profit of £1.7bn a year ago. This was largely the result of a near £2bn legal bill tied to the US Department of Justice fine and charges relating to the Payment Protection Insurance (PPI) scandal.