Barclays reveals £1.3bn write-downs - papers Nov 15

Facing huge pressure to reveal the details of its exposure to sub-prime mortgage-related securities, Barclays said this morning that it had an £800m write-down in October alone, coupled with an earlier loss of £500m in the third quarter. The shares bounced 15 to 548p in early morning trading because there had been wide speculation about the extent of Barclays' sub-prime exposure, leading to huge gyrations in its share price as some feared the losses would be greater. MERRILL LYNCH HAS hired John Thain, the current chairman of the New York Stock Exchange, to replace the ousted Stan O'Neal...