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Barclays bank on target for record profits

Barclays bank has today revealed profits of £4.5 billion for the first nine months of 2009 and is on target for a record year. This comes despite the fact that the UK banking sector is still under a cloud with the likes of Lloyds bank and Royal Bank of Scotland still suffering from financial pressure and having to be bailed out by the UK taxpayer. Barclays has also announced plans to resume the payment of dividends with many believing the banking sector may well be over the worst.

It was also revealed that Barclays is in talks with investors about the best way to reward investment bankers with bonuses a hot topic and many politicians and investors concerned about the swift return to high remuneration packages. It will be interesting to see what investors actually feedback to Barclays and what Barclays bank decides to do with regards to bonuses, which are seen by many as an integral part of the UK financial sector.

Despite the fact that Barclays bank did not take any additional capital from the UK government there is growing unease at the fact the bank has benefited from the billions upon billions of pounds pumped into the money markets.

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