Barclays' profits have fallen in the first quarter with the investment bank suffering almost a 50% drop in profits, according to its quarterly report.
The investment bank's adjusted profit before tax was £668m in the three months to the end of March, compared with £1.32bn over the same period last year. Investment bank income fell 28%, to £2.49bn. The group has attributed the decline to a sharp drop in revenues from its fixed income, currencies and commodities (FICC) business as well as changes in business mix ahead of a strategic review. The group's total adjusted profit before tax fell 5%, to £1.69bn. Group chief executive Antony Jenkins said: "Profits have been impacted by the restructuring and de-risking activity we complete...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
