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Barclays reports "significant" fall in fixed-income revenue

  • Barclays (BCS) expects to report a "small reduction" in Q1 adjusted pretax profit due to a "significant" drop in revenue from the fixed-income credit and commodities (FICC) operations at the company's investment bank.
  • CEO Anthony Jenkins said the decline reflects "difficult market conditions and a strong comparative performance for Q1 last year."
  • Barclays' FICC woe echoes the sharp falls in revenue that JPMorgan, Goldman Sachs and Citigroup have suffered at their respective operations.
  • However, Barclays' cost-cutting program is beginning to show a "material benefit," Jenkins said.
  • Barclays disclosed the information prior to its annual meeting today.
  • Shares are +1.1% premarket.

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Comments (1)
  • Patent News
    , contributor
    Comments (1417) | Send Message
     
    salaries are being pressured to get much lower
    24 Apr 2014, 06:01 AM Reply Like
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