BARCLAYS UNVEILS $670 MILLION BUYBACK, EVEN AS ONE-OFF CHARGES HURT PROFITS

Barclays announced a surprise share buyback and upgraded a key profitability target for the year, as confidence in its income and cost-cutting progress outweighed fresh provisions and underperformance in its investment bank.

The British bank set aside another 235 million pounds to cover a motor finance mis-selling scandal and said it had taken a 110 million pound charge on the collapse of U.S. firm Tricolor, one of several bankruptcies that triggered wider concerns about banks' exposure to private credit markets.

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