Barclays (BARC.L) warned of growing pressure on its UK business as stubborn inflation and high interest rates pushed customers to repay debt and switch into savings, squeezing the bank’s margins and hurting its shares despite a fresh share buyback.
Shares were 6.4% lower at 0745 GMT after the British bank reported first-half pretax profit of 4.6 billion pounds ($6 billion), in line with forecasts, but signalled profit margins were shrinking.
Read More : Barclays Warns of Profit Squeeze as Customers React to Market Changes