PwC 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.’

Whitepaper

The Future of Finance is in the CFO's Hands

Business The Future of Finance is in the CFO's Hands

1m
Save a Week a Month Consolidating Accounts

Accounting Software Save a Week a Month Consolidating Accounts

2m
Mitigating Risk Through Internal Control

Legal Mitigating Risk Through Internal Control

3m
Could tax season have run more efficiently?

Corporate Tax Could tax season have run more efficiently?

3m

Related Articles

Aston Martin searches for new auditor as KPMG declines opportunity to re-pitch

Audit Aston Martin searches for new auditor as KPMG declines opportunity to re-pitch

5m Lucy Skoulding, Reporter
The CMA recommendations for audit reform are finally published

Audit The CMA recommendations for audit reform are finally published

5m Beth McLoughlin, Managing Editor
PwC starts roundtable discussions on future of audit

Audit PwC starts roundtable discussions on future of audit

6m Beth McLoughlin, Managing Editor
KPMG, Deloitte and the audit dilemma

Audit KPMG, Deloitte and the audit dilemma

6m Emanuela Hawker, Reporter
Fined by FRC: Grant Thornton next in the firing line

Audit Fined by FRC: Grant Thornton next in the firing line

9m Emanuela Hawker, Reporter
FRC strikes out at PwC's BHS audit quality following leaked report

Audit FRC strikes out at PwC's BHS audit quality following leaked report

9m Lucy Skoulding, Reporter
FRC data on Big Four audits may highlight need for industry overhaul

Audit FRC data on Big Four audits may highlight need for industry overhaul

9m Lucy Skoulding, Reporter
BDO maintains lead in AIM auditor rankings

Audit BDO maintains lead in AIM auditor rankings

10m Lucy Skoulding, Reporter