Barclays shares jump 7% despite fall in profits

Pearson falls 11%

Barclays' shares are up 7% this morning despite the firm announcing a 21% fall in profits during the first half of 2016.

In its results for the six months to 30 June, Barclays said group profits were down from £2.6bn a year ago to £2bn at the end of June. The firm also announced it has set aside a further £400m for compensation related to PPI products.  However, the bank's shares were trading 6.5% higher this morning at 156p, though they remain 45% down over the last 12 months. Investor confidence was buoyed by chief executive Jes Staley saying Brexit is unlikely to delay the firm's restructuring plans, though he noted there are increased risks affecting the business in the short term. Barclays pl...