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.