Barclays counts cost of £1.4bn PPI hit

The bank warned in September that it would have to set aside up to £1.9bn to cover an unexpected spike in PPI claims around the August deadline. Barclays said it eventually took a £1.4bn charge in the quarter. Return on tangible equity, a key measure of bank profitability, slipped to negative 2.4% from positive 9.4% a year earlier. Related: Big business mistakes that cost companies money and reputation (Lovemoney)  Chief executive Jes Staley said the performance so far this year was “consistent and resilient” and showed “the benefits of our diversified model - one which allows us to weather today’s macro headwinds, and grow our businesses and profitability over time.” Earlier this year Staley had to fend of activist investor Edward Bramson who called for Barclays to slim down itsinvestment banking activities and focus on its core retail market.