The turmoil in global banking intensified on Friday as Citigroup and Merrill Lynch reported huge losses, and shares in Britain’s Barclays plummeted amid fears it might need more capital.
After the close, Barclays, whose shares fell 25 per cent to 98p – their lowest level since 1993 – said it knew of no reason for the plunge. The bank, which had a market value of £8.2bn ($12.1bn) at on Friday’s close, added that its full-year results, due out next month, would beat the analysts’ consensus of £5.3bn in pre-tax profits.
