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Barclays has set aside an extra 700m to meet compensation claims for mis-selling payment protection insurance.

The news came as the bank reported a 13% jump in group pre-tax profits to 2.34bn for the first six months of the year.

The lender has been undergoing a major restructuring to focus on its core UK and US business.

Chief executive Jes Staley said: “Our business is now radically simplified, the restructuring is complete.”

Barclays said it had set aside 2.1bn to deal with PPI complaints, but this was open to review.

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Barclays sets aside extra 700m for PPI – BBC News