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.
Unilever's (UL) Q1 sales dropped 6.3% to €11.4B, hurt by currency weakness in emerging markets.
"Growth continued to slow in the emerging markets, particularly in South Asia and South East Asia," Unilever said. "Overall, developed markets remained weak although there were some further signs of improvement in southern Europe."
Underlying sales increased 3.6%, above analyst forecasts of 3.3% but softer than growth of 4.9% a year earlier.
Underlying selling volume +1.9% vs consensus of +1.7%; prices +1.6% vs +1.5%.
Sales breakdown: Personal Care €4.2B, Foods €3B, Home Care €2.2B, Refreshment €2.1B.
Declares quarterly interim dividends of €0.285 and £0.2338 a share. (PR)