Barclays Officials Say 'Mistakes' Led To Big Fall In 1994 FX Gains

BANKS

Barclays Bank had a poor year in FX in 1994, officials admitted last week. Barclays, whose FX group is run by its BZW division, "made a mess" of FX last year, chief executive Martin Taylor told a reporter. Gains in FX fell to £89 million from a restated £136 million in 1993. Dealing income overall was also nearly halved year-on-year, dropping to £384 million from £657 million in 1993, according to final outturn figures.

Taylor said part of the problem was poor market conditions, but some was