Friday 21 October 2016

Barclays profits down 7pc as investment bank income sags

Published 30/07/2014 | 07:58

Barclays said underlying profits fell 7pc in the first six months of this year after a drop in investment bank revenue as the British bank attempts to streamline the business and reform culture.

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Barclays said adjusted profits in the six months to the end of June were £3.3bn, down from £3.6bn a year ago.

Costs were lower but revenues fell 7pc, largely due to an 18pc drop in the investment bank, where banks have been hit by a decline in fixed income trading.

Barclays set aside another £900m to compensate customers for mis-sold insurance products.

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