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| Barclays reports £500m income fall | Barclays reports £500m income fall |
| (35 minutes later) | |
| Barclays bank has said its income fell by £500m ($790m) in July and August from a year ago and says it "remains cautious" about the current climate. | |
| The drop was thanks to "significantly" lower revenues in its investment banking division. | The drop was thanks to "significantly" lower revenues in its investment banking division. |
| Barclays also gave more details of the £5.95bn it wants to raise by issuing new shares to help plug a £12.8bn capital shortfall. | |
| Shareholders are being offered one new share at 185p for every four they own. | Shareholders are being offered one new share at 185p for every four they own. |
| The new shares are expected to begin trading on 4 October. | |
| The bank said in a trading statement: "Barclays continues to remain cautious about the environment in which it operates and its focus remains on costs, capital, leverage and returns in order to drive sustainable performance improvements." | |
| It added that the investment bank's daily performance in September had improved from July and August, but was still below levels seen in September 2012. | |
| Barclays said its cost-cutting plan was proceeding to plan and that it expected operating costs to be £18.5bn this year, excluding restructuring costs, which would meet its target. |