Barclays misses forecasts as profits drop 25%

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...