NEW YORK (TheStreet) -- Barclays (BCS) - Get Report stock is declining 7.01% to $14.47 in early afternoon trading on Thursday, after reporting 2015 third quarter earnings results short of expectations.
The global financial services company reported net profit of 417 million pounds for the most recent quarter, up from 379 million pounds in the year ago period, the Wall Street Journal reports.
Adjusted profit before tax was 1.43 billion pounds ($2.2 billion), down from 1.59 billion pounds in the 2014 third quarter. Analysts had forecast the company to post adjusted pretax profit of roughly 1.65 billion pounds, according to the Journal.
Barclays lowered its target for return on equity for fiscal 2016 to 11% from 12%
Additionally, on Wednesday Barclays appointed Jes Staley CEO, effective on December 1.
"As we align Barclays around our three priorities - focus on core (segments and markets), generating shareholder value, and instilling a high performance culture with strong ethical values - we now have a forward agenda that has been discussed and agreed with Mr. Staley," Chairman John McFarlane said in a statement. "We will update the market on our plans for structural reform after we have agreed them with the regulator."