Barclays cost-cutting plans boost FTSE 100

Barclays helped boost the FTSE 100 today after chairman John McFarlane announced increased profits and a strict cost-cutting exercise in the interim company's results.

The FTSE 100 was up 0.5% by mid-afternoon to 6,587, while the FTSE 250 was up 0.3% to 17,438. Year to date, the FTSE 100 is up 0.5% but has performed weakly over the last three months with a fall of 5%. Shares in Barclays rose by 2% to 285p after the firm announced £3.1bn profits for the first half of 2015, a 25% increase year-on-year. McFarlane, who is both chairman and interim chief executive after sacking former chief executive Antony Jenkins earlier this month, signalled more focus on the investment banking division. Fidelity's Wright: Barclays turnaround has only just beg...