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Barclays sees profits fall 10% Barclays sees profits fall by 7%
(35 minutes later)
Barclays' second quarter pre-tax profits have fallen 10% after investment bank revenue fell. Barclays' six-monthly pre-tax profits have fallen after investment bank revenue fell.
The banking giant reported a pre-tax profit of £3.84bn, hit by a 18% fall in income at its investment banking business. The banking giant reported pre-tax profits of £3.35bn, hit by an 18% fall in income at its investment banking business.
Profits adjusted for exceptional items fell 7% compared with the first six months of last year.
Barclays said in May that it would cut 7,000 investment bank jobs, as part of 19,000 roles to be axed.Barclays said in May that it would cut 7,000 investment bank jobs, as part of 19,000 roles to be axed.
It also laid out plans to set up a "bad bank" to sell or run down £115bn of non-core operations. "Performance in the investment bank was impacted by the repositioning under way, as well as difficult trading conditions in the quarter, but it is where we expected it to be at this point," said Barclays group chief executive Antony Jenkins.
The adjusted profit figures did not include £900m that the bank said it had set aside for Payment Protection Insurance (PPI) mis-selling claims.