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Barclays Reports 21% Fall In Pre-Tax Profits

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Barclays banking group, sponsor of football's Premier League, has reported a sharp fall in profits.

Statutory pre-tax profits fell 21% to £2.26bn for the year to 31 December 2014.

The group increased its provision to cover any fallout from a probe into currency market manipulation by £750m to £1.25bn.

But stripping out this and other provisions, profits rose 12% to £5.5bn, the bank said.

Boss Antony Jenkins was awarded a £1.1m bonus - his first as chief executive - pushing his total pay package to £5.5m for 2014.

But the bank reduced the overall pool of money allocated for bonuses by 22% to £1.86bn.

Provision for payment protection insurance (PPI) compensation was increased by £200m for the last three months of 2014, the bank said, taking the year's total to £1.1bn.

Clearly the banks need more QE, profits are falling.

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