Barclays says core earnings fall 73 percent in 3rd quarter

Markets Associated Press

Barclays says earnings from its core operations fell 73 percent in the third quarter as it took a 320 million-pound ($392 million) charge for bad debts in its U.S. and U.K. credit card businesses.

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The bank, which has been shedding riskier assets and focusing on Britain, said Thursday net income from its core business dropped to 257 million pounds from 961 million pounds a year earlier.

Net income for Barclays Group, which includes noncore businesses the bank intends to dispose of, fell 1 percent to 414 million pounds.

Chief Executive Jes Staley says Barclays is selling noncore assets, dealing with legacy issues and meeting capital requirements. He says the bank is creating a "simplified trans-Atlantic, consumer, corporate and investment bank with the capacity to deliver sustainable high-quality returns."