Barclays profit falls on fixed-income slump
Published on Apr 24, 2014 5:24 PM
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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