15-05-2008
Barclays announces further credit writedowns
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Financial organisation Barclays has announced details of further asset writedowns, it has emerged.
Although the organisation has issued data showing a further writedown of £1 billion, the organisation has opted to not approach shareholders for additional funds.
However, according to Chris Lucas, finance director for Barclays, "we are not going to rule in or rule out anything at this stage."
Mr Lucas's comments were made in a report by the Press Association.
Among the organisations which have chosen to approach shareholders are HBOS, Bradford & Bingley and the Royal Bank of Scotland.
Barclays has also confirmed that profit levels for the first three months of 2008 will be lower than at the same point in 2007 - the bank has so far opted to not disclose further details of its fall in profits.
Established in 1690, Barclays has its headquarters based in London.