Barclays says it is 'very unlikely' to meet profit goal amid virus outbreak

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LONDON (Reuters) – Barclays (L:) is ‘very very unlikely’ to meet its goal of a 10% return on equity this year given the impact on its business of the coronavirus pandemic, its Chief Financial Officer Tushar Morzaria said on Tuesday.

Profits will be hit by a buildup of bad loan provisions as corporate borrowers suffer in the economic slowdown accompanying the virus’s spread, Morzaria told a financial conference in London.

Barclays earlier this year said that its goal of a 10% return on tangible equity, a key measure of profitability, would be difficult but achievable.

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