Two of Europe's leading banks, Deutsche Bank and Barclays, counted the cost of the coronavirus as they increased provisions for credit losses, though the German lender lifted its outlook $DB $BCS
) set aside a higher than expected 1.6 billion pounds to cover a possible rise in loan losses in the second quarter and warned a grim outlook and low interest rates would hurt profits into 2021.
Barclays’ trading performance was a bright spot as virus-induced market volatility prompted a 60% jump in trading revenues in foreign-exchange, rates and credit trading. The markets division posted a 49% rise in revenue to 2.1 billion pounds, an endorsement of the strategy adopted by Chief Executive Jes Staley, who has championed the investment banking business contrary to the wishes of activist shareholder Edward Bramson, who wants to shrink it.
Barclays said impairments in the second half were unlikely to reach levels seen in January-June, assuming no change in economic forecasts. The bank also said it would see short-term pressure on efforts to keep costs low, as it spends on various COVID-19 related initiatives.
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