Barclays profit down 33%
Barclays has reported a 33% drop in half-year pre-tax profits to £2.75bn as the bank suffered a further £2.8bn in credit crunch-related write-downs.
The bank said the slump in earnings in the first half of 2008 was due to lower profits at its investment banking arm, which was hit by the credit crisis.
Boss John Varley said the write-downs were "significant" and the profit fall was "acutely disappointing".