Barclays third quarter results

Barclays has announced good third quarter figures for Q3 of 2011, reporting a profit of £1.3 billion, higher than analysts expected

They have implemented a huge cost cutting programme that has been fruitful, the target level being £1 billion of savings.

Barclays do not anticipate requiring further capital to meet the news recapitalisation targets, part of the Eurozone debt restructuring and on the back of these results, Barclays shares have opened almost 3% higher in a market that is not looking that positive as the week opens.

Bank shares have been oversold recently and with Euro solutions almost in place, reduced market volatility may well allow the cautious investor back into the market to pick up bargains, with the downside at least manageable.