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| Barclays quarterly profits fall 5% | Barclays quarterly profits fall 5% |
| (about 2 hours later) | |
| Barclays' adjusted pre-tax profits have fallen 5% after a reduction in investment bank income. | |
| The banking giant reported an adjusted profit of £1.69bn, hit by a 28% slump in revenue at its investment banking business. | |
| Barclays warned in April that its first-quarter profits would be down from the previous year. | |
| The bank's shareholders have been unhappy about bonus payments at the bank, given falling profits. | The bank's shareholders have been unhappy about bonus payments at the bank, given falling profits. |
| The division at the investment bank which trades currencies, bonds and commodities had a particularly grim quarter - revenue dropped 41% to £1.23bn. | The division at the investment bank which trades currencies, bonds and commodities had a particularly grim quarter - revenue dropped 41% to £1.23bn. |
| Overall, income at the investment bank fell 28% to £2.49bn. | Overall, income at the investment bank fell 28% to £2.49bn. |
| The bank blamed "subdued client activity" and a reorganisation of the business. | The bank blamed "subdued client activity" and a reorganisation of the business. |
| Barclays said comparisons with last year were tough as it had a relatively strong first quarter in 2013. | Barclays said comparisons with last year were tough as it had a relatively strong first quarter in 2013. |
| However, Barclays said the performance of its retail banking division had been "resilient". | However, Barclays said the performance of its retail banking division had been "resilient". |
| "A continued strong momentum across our retail, cards and corporate banking franchises, all of which generated higher returns year on year, [was] offset by a significant decline in FICC [fixed income, currencies and commodities] income within the investment bank, resulting in group adjusted profit before tax decreasing 5%," said Barclays chief executive Antony Jenkins. | "A continued strong momentum across our retail, cards and corporate banking franchises, all of which generated higher returns year on year, [was] offset by a significant decline in FICC [fixed income, currencies and commodities] income within the investment bank, resulting in group adjusted profit before tax decreasing 5%," said Barclays chief executive Antony Jenkins. |
| Shrinking investment bank | Shrinking investment bank |
| Barclays' investment bank is in the process of restructuring. | Barclays' investment bank is in the process of restructuring. |
| The group said in January that it would cut hundreds of investment banking jobs. | The group said in January that it would cut hundreds of investment banking jobs. |
| Barclays is due to give details on Thursday about its restructuring plan. | Barclays is due to give details on Thursday about its restructuring plan. |
| "This plan will address issues underlying the performance challenges we have recently experienced, including positioning the investment bank for the new operating and regulatory environment," Mr Jenkins said. | "This plan will address issues underlying the performance challenges we have recently experienced, including positioning the investment bank for the new operating and regulatory environment," Mr Jenkins said. |
| Barclays warned in April that its currencies, bonds and commodities business would have a fall in profits in the first quarter. | Barclays warned in April that its currencies, bonds and commodities business would have a fall in profits in the first quarter. |
| Nevertheless, Barclays shareholders voted to approve the group's remuneration package, which includes higher bonuses. | Nevertheless, Barclays shareholders voted to approve the group's remuneration package, which includes higher bonuses. |
| However, some 34% of shareholders failed to back the report, with institutional shareholder Standard Life Investments voting against the package. | However, some 34% of shareholders failed to back the report, with institutional shareholder Standard Life Investments voting against the package. |