BCS - Why Barclays Stock Plunged Today
2023-10-24 14:26:11 ET
Shares of Barclays (NYSE: BCS) fell as much as 10.1% early Tuesday, then settled to trade down 6.4% as of 2 p.m. ET after the bank announced a better-than-feared decline in quarterly profits, but followed by warning of a weaker net interest margin going forward.
On the former, the U.K.-based bank announced a third-quarter net profit of 1.27 billion British pounds (or roughly $1.56 billion), down 16% year over year but also slightly above analysts' consensus estimates for 1.18 billion pounds.
Profits were largely hurt by the relative underperformance of Barclays' investment banking segment, where fees declined 16%.
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Why Barclays Stock Plunged Today