Barclays chief executive John Varley insisted the bank’s enormous balance
sheet – double the size of the British economy – was not a threat to the
stability of the banking system.
Varley defended the bank’s interpretation of accounting standards as it
posted a full-year profit of £6.1bn, helped by a £2.2bn gain from its
acquisition of Lehman Brothers United States assets last year.
Shares in Barclays rallied on the news yesterday, jumping 11%. The results
were better than the £5.3bn Varley had promised in an open letter to
shareholders last month.
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