- Barclays (NYSE: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.