This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-27289991
The article has changed 5 times. There is an RSS feed of changes available.
Version 3 | Version 4 |
---|---|
Barclays quarterly profits fall 5% | Barclays quarterly profits fall 5% |
(1 day later) | |
Barclays' adjusted first quarter 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. | 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. | 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. |