Barclays takes net loss for 2014 of $267 million as it takes provisions for past troubles

MarketsAssociated Press

Barclays reported a net loss of 174 million pounds ($267 million) for 2014, compared with net income of 540 million pounds the previous year, as it paid the price for past scandals.

The London-based bank set aside 2.8 billion pounds to cover the costs of conduct and litigation issues, 15 percent more than the previous year. This includes 1.25 billion pounds for penalties related to allegations banks manipulated foreign exchange markets and 200 million pounds for the misselling payment protection insurance.

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Underlying profit, which excludes such one-time items, rose 27 percent to 2.78 billion pounds.

Chief Executive Antony Jenkins, who has made cleaning up the sins of the past his top priority, said Tuesday the bank was stronger than at any time since the financial crisis.