Barclays on Tuesday acknowledged it is facing a more difficult operating environment as it set out cautious growth targets for the next four years.

UK Daily View: Doubts over sums at banks

Peter Thal Larsen, banking editor, on Barclays remaining bullish and Credit Suisse’s discovery of $3bn writedowns.

The British bank, which has been the subject of speculation about its exposure to the credit turmoil, reassured investors by reporting pre-tax profits of £7.1bn ($13.8bn) for last year, in line with its performance in 2006.