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Business
 

Barclays profit falls on fixed-income slump

Published on Apr 24, 2014 5:24 PM
 
A customer enters a branch of Barclays bank, part of Barclays Plc, in London, UK on Friday, July 30, 2010. Barclays said its first-quarter profit fell after a "significant" drop in revenue from its investment bank's fixed- income operations, extending an industry slump across that business. -- FILE PHOTO: BLOOMBERG

LONDON (Reuters) - Barclays said its first-quarter profit fell after a "significant" drop in revenue from its investment bank's fixed- income operations, extending an industry slump across that business.

A cost-cutting programme was starting to show a "material benefit", however, and would help offset the drop in investment bank profits, Barclays said on Thursday.

Barclays said it will report a "small reduction" in adjusted pretax profit compared with a year ago when it publishes first-quarter results on May 6.

Most investment banks are expected to show income fell at the start of the year as bond and interest-rate trading struggled.

 
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