British banking giant Barclays has reported a 14% fall in annual profits after what it called an 'extraordinarily challenging' period for the financial sector.
The 2008 profits of £6.08 billion came in results brought forward by the bank to soothe market fears over the strength of its balance sheet.
Chief executive John Varley added that the bank's executive directors would receive no bonuses this year, while pay-outs across the group would be 'significantly lower' than 2007.
The results, which beat analysts' expectations, included £5.4 billion of charges linked to bad debts and other credit losses.
Although Barclays has not used the British government's recapitalisation scheme - raising funds from the Middle East instead - it is likely to take part in other forms of public support to the sector.
