// IP Marketing video - START// IP Marketing video - END

Barclays reports 7% drop in profits

Barclays reports 7% drop in profits

PanARMENIAN.Net - Barclays' six-monthly pre-tax profits have fallen after investment bank revenue fell, according to BBC News.

The banking giant reported pre-tax profits of £3.35bn, hit by an 18% fall in income at its investment banking business.

Profits adjusted for exceptional items fell 7% compared with the first six months of last year.

Barclays said in May that it would cut 7,000 investment bank jobs, as part of 19,000 roles to be axed.

"Performance in the investment bank was impacted by the repositioning under way, as well as difficult trading conditions in the quarter, but it is where we expected it to be at this point," Barclays group chief executive Antony Jenkins said.

The adjusted profit figures did not include £900mln that the bank said it had set aside for Payment Protection Insurance (PPI) mis-selling claims.

 Top stories
“The investments will be spent to build a canning factory and slaughterhouses, expand greenhouse farms,” Ignati Arakelyan said.
The funding will go to a subsidiary of ContourGlobal, an international power-generation company that acquired the Vorotan Cascade in 2015.
"We are yet unable to disclose the names of companies we are conducting negotiations with," Satenik Hovhannisyan said.
1,259,657 tourists have arrived in Armenia in January-December 2016, the National Statistical Service said, up by 5,7% on the year before.
Partner news