- Behind the decline in income at Barclays (NYSE:BCS) in Q1 was a 49% dive in income at the investment bank as business evaporates in fixed income, currencies, and commodities. Traditionally, the largest source of revenue for the investment bank, FICC income fell 41% to £1.2B.
- "A lot weaker than expected," says Shore Capital's Gary Greenwood of the FICC number. "The key questions are: What are they doing with their investment-banking business and how are they going to stem these declines?”
- Later this week, CEO Antony Jenkins will present details of an overhaul of the investment bank. Ahead of the presentation has been a rash of top-level management exits.
- "We are obviously going through a number of changes as part of our strategic review and that may or may not have prompted some people to move on,” says Finance Director Tushar Morzaria on a reporter conference call. He notes the bank's difficulties in FICC have continued in Q2.
- Shares -3.1% premarket
- Previously: Barclays reports Q1 results
- Previously: More high-level departures at Barclays