PracticeAuditPwC agrees to bring forward Barclays 2008 results

PwC agrees to bring forward Barclays 2008 results

Bank to publish annual results earlier than expected to reassure investors over its financial health

Barclays has said it will publish its 2008 results earlier than expected
after reaching an agreement with its auditor, PricewaterhouseCoopers.

The high street bank’s chairman Marcus Agius and chief executive John Varley
made the announcement in an open letter to customers and shareholders.

The letter is a response to mounting speculation that Barclays will be forced
to raise fresh capital amid mounting writedowns of assets.

Barclays shares have lost more than two thirds of their value over the past
two weeks as the banking crisis has intensified in parallel with the economic
slowdown.

Barclays said it expected to report a 2008 pretax profit of more than £5.3bn,
which would include the impact of £8bn pounds in gross writedowns.

‘Our starting point is that Barclays has £36bn of committed equity capital

and reserves; we are well funded, and we are profitable,’ the letter said.

‘However, we know that our stakeholders want to see the detailed figures for
2008 as quickly as possible. To enable that, we will bring forward the release
of our 2008 financial results, as agreed by our auditors, to Monday, 9
February.’

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
FRC closes investigation into PwC over Barclays compliance

Accounting Firms FRC closes investigation into PwC over Barclays compliance

2m Alia Shoaib, Reporter
PwC to audit BBC pay policies following gender pay gap outrage

Accounting Firms PwC to audit BBC pay policies following gender pay gap outrage

3m Alia Shoaib, Reporter
PwC to take over from Deloitte as Diploma auditor

Accounting Firms PwC to take over from Deloitte as Diploma auditor

3m Alia Shoaib, Reporter
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

3m Alia Shoaib, Reporter
Latest Big Four auditor changes

Audit Latest Big Four auditor changes

4m Alia Shoaib, Reporter
PwC fined a record £5.1m by the FRC over RSM Tenon audit

Audit PwC fined a record £5.1m by the FRC over RSM Tenon audit

4m Alia Shoaib, Reporter
Toshiba narrowly escapes delisting as PwC finally signs off on accounts

Audit Toshiba narrowly escapes delisting as PwC finally signs off on accounts

4m Alia Shoaib, Reporter