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Investors are taking diverging views on major UK banks after a burst of earnings earlier this morning. At the open, Barclays is down 4.2 per cent, while RBS is the biggest riser in the FTSE All Share index, up by 4 per cent.

The dent to Barclays comes despite a doubling in underlying profits, which should help to shore up CEO Jes Staley as he fends off a scandal over his efforts to discover the identity of a whistleblower.

RBS, meanwhile, turned a near £1bn loss at the start of 2016 into a forecast-beating £259m profit at the start of this year.

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