Live updates

Advertisement

Barclays pre-tax profits fall 25% to £793 million

Barclays reported a 25% fall in first quarter pre-tax profits Credit: PA

Barclays has reported a 25% fall in first quarter pre-tax profits to £793 million, down from £1.1 billion a year earlier.

The banking giant has been hit by tough trading in its investment banking arm.

Barclays also announced talks with AnaCap Financial Partners to sell its 74-branch business in France as boss Jess Staley continues to overhaul the lender.

Advertisement

Barclays to cut investment banking operations: memo

Barclays is closing investment banking units as part of a review of global operations Credit: PA

Barclays is closing investment banking units in Australia and Russia, as well as in Asian countries such as Indonesia and Thailand, as part of some of the deepest cuts by any bank in recent times.

According to an internal memo sent to staff today, the London-based lender is also cutting its onshore markets coverage in Brazil and cash equities sales and execution businesses in Central Europe, the Middle East and North Africa.

The changes are part of a review of global operations.

The memo also showed that Barclays is exploring exiting its precious metals business globally.

A Barclays spokesman in Hong Kong declined to comment.

Barclays report 25% rise in profits after CEO sacked

Credit: PA

Barclays has announced a 25% rise in first half year profits just three weeks after chief executive Antony Jenkins was fired over lacklustre revenue growth.

It comes despite the bank having to pay out more than £1 billion in compensation to customers over scandals such as PPI mis-selling.

However, the bank has said it will streamline the business to ramp up growth and squeeze costs but has yet to say how they will do that.

Load more updates