Thursday 23 November 2017

Barclays profits down 7pc as investment bank income sags

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.

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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