Apr 29, 2020
Barclays warns pandemic could cost it £2.1bn
Barclays has warned the coronavirus pandemic could cost it some £2.1bn, largely due to customers being unable to repay their loans. On Tuesday rival lender HSBC reported a 50% fall in profits linked to the pandemic. HSBC had forecast that bad loans would rise to $3bn due to customers not being able to repay them during the crisis. Barclays said on Wednesday the impact of the pandemic "Came late in what was until that point a good quarter". The bank said it had already given 3,760 business loans valued at £737m, as well as granting 238,000 customers mortgage and loan payment holidays.
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