Barclays expected to report growing profits this week, with chief executive Jes Staley under the microscope over whistleblower investigation

 
William Turvill
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Barclays Bank Fined Over Libor Investigations
Barclays, as well as Royal Bank of Scotland, will report its first-quarter results on Friday (Source: Getty)

The boss of Barclays is set to face further scrutiny this week as the bank reports first-quarter figures.

Chief executive Jes Staley will likely face questions over a Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) investigation into his attempts to identify a whistleblower.

However, City analysts are expecting pre-tax profits of around £1.5bn, up 66 per cent from £902m in the same period in 2016.

Read more: More board changes afoot at HSBC ahead of AGM this week

Investec banking analyst Ian Gordon told Interactive Investor that Barclays to benefit from foreign exchange “tailwinds and market share gains”.

According to an analyst consensus by Yahoo Finance, revenues are expected to come in at £5.54bn, up 10 per cent on the first-quarter of 2016.

Barclays will report on Friday, the same day as Royal Bank of Scotland, which is expected to swing back into quarterly profit, and after Santander and Standard Chartered on Wednesday, and Lloyds on Thursday.

Read more: RBS expected to swing back to profits in the first quarter of 2017

In the US, JP Morgan Chase, Citigroup, Bank of America and Morgan Stanley each beat analyst expectations with their results in recent weeks.

Goldman Sachs’ profits jumped 80 per cent, but the figures fell below expectations, while Wells Fargo’s profits were flat.

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