Barclays PLC chief executive Martin Taylor abruptly resigned after a board meeting Thursday, and the banking company said it would report lower than expected profits for the year.

The news, which was first reported by the BBC, sent shares of the company's stock down more than 7% Friday. Barclays had two big investments that ran into trouble this summer, in Russia and in Long-Term Capital Management LP, a hedge fund. The banking company will record profits of about $3.15 billion in 1998, rather than the expected $3.36 billion.

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