Barclays has reported lower earnings and cut its profitability forecasts, as it revealed it is considering cutting costs.

Shares in the banking giant tumbled by more than 8% this morning after it gave an update on its financial performance for Q3.

It reported a pre-tax profit of £1.9bn for the three months to September, slightly ahead of analysts’ expectations but below last year’s £2bn profit.

“The group is evaluating actions to reduce structural costs to help drive future returns,” it added in its financial update.

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