Jes Staley, the lender’s chief executive, has said that Barclays (LON: BARC) is “100% prepared” for a hard Brexit.
Barclays profits were up to £1.5 billion in the three months to September 30, up from £1.1 billion in the same period a year previously.
The group has expanded the Irish subsidiary by 150-200 jobs, to make Ireland the lender’s main base to continue trade within the EU.
“At Barclays we are well on our way to being prepared for a hard Brexit,” Staley told Bloomberg TV.
“We have increased the size of the bank’s subsidiary in Ireland. We have filed all the necessary applications to relicence our branches. We are fully prepared to be 100% operational in case of a hard Brexit.”
Despite the confidence, Staley also said he would like to see the government negotiate on the Brexit deal.
“We have been prudent. We are pretty well positioned for a hard Brexit. However, like everyone else we would like to see a negotiated Brexit that will not harm the economy in the UK,” he said.
“In spite of macroeconomic uncertainty and particularly concerns over Brexit, which weigh heavily on market sentiment, 2018 is proving to be a year of delivery on our strategy at Barclays. We remain focused on generating improved returns and on distributing a greater proportion of excess capital to shareholders over time.”
Earlier this year, Staley faced controversy when he was ordered to pay a £1.1 million fine after he attempted to unmask a whistleblower.
Mark Steward, the FCA’s executive director, said: “Mr Staley breached the standard of care required and expected of a chief executive in a way that risked undermining confidence in Barclays’ whistleblowing procedures. Chief executives must act with a high degree of care and prudence at all times.”
“Whistleblowers play a vital role in exposing poor practice and misconduct in the financial services sector. It is critical that individuals are able to speak up anonymously and without fear of retaliation if they want to raise concerns.”
