Barclays' Q1 adjusted pre-tax profit has dropped 25% to £1.8bn after the bank took a £500m hit over its restructuring programme.
Reporting results for the first quarter of 2013, the bank said adjusted pre-tax profit would have risen 6% were it not for the £514m charge relating to its 'Transform' programme and a £235m hedging gain made last year in Q1 2012. Analysts had expected headline pre-tax profit to stand at between £1.85bn and £2.1bn. The investment banking business saw a 10% annual rise in adjusted profits to £1.3bn, while wealth and investment bank management profits rose 20% to £60m year-on-year. However, the latter figure was down 43% on the Q4 2012 figure due to "increased funding costs and costs...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes