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Barclays returns to profit by posting net gains for the year ended in 2016 of £1.62 billion ($2.02 billion), which came however short of the £1.97 which had been predicted by analysts. Forth quarter pre-tax profits were £ 330 million ($410 million), up from a loss of £2.1 million which had taken place a year ago. In any case the Bank's numbers are much better than the previous year's results, which saw the bank recording a loss. Statutory group profit before tax trebled at £3.2 billion ($3.9 billion) in 2016 when compared with the £1.15 billion loss recorded in 2015 for the same measure. (Read more)

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Barclays, according to Reuters, is planning to move its EU headquarters to Dublin, as part of its preparations for confronting the challenges posed by Brexit. The bank, which is looking to more than double its staff count in the Irish capital, is already factoring in the eventuality of losing the so-called EU “passporting rights”. Passporting is an EU-wide scheme which makes the provision of financial services by firms authorised in the UK possible throughout the European Economic Area (EU and Switzerland), without administrative friction and transaction costs. The loss of access to the passporting privilege is made more likely by the determination of the government to take Britain not just out of the European Union, but also out of the European single market for goods and services. (Read more)

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