Barclays' profits have fallen in the first quarter with the investment bank suffering almost a 50% drop in profits, according to its quarterly report.
The investment bank's adjusted profit before tax was £668m in the three months to the end of March, compared with £1.32bn over the same period last year. Investment bank income fell 28%, to £2.49bn.
The group has attributed the decline to a sharp drop in revenues from its fixed income, currencies and commodities (FICC) business as well as changes in business mix ahead of a strategic review.
The group's total adjusted profit before tax fell 5%, to £1.69bn.
Group chief executive Antony Jenkins said: "Profits have been impacted by the restructuring and de-risking activity we completed during the year. This included withdrawing from certain lines of business, investing to transform our operations and resolving legacy conduct and litigation issues.“
In March, Barclays announced a strategic overhaul of its investment banking arm in reaction to shareholders' demands. Further details of a group-wide strategic review will be unveiled by Jenkins on Thursday.
Elsewhere in the Q1 statement, Barclays reported a 15% year-on-year fall in pre-tax profits at its wealth and investment managment arm to £51m.
The division's profits drop, which the group pinned on costs arising from its ongoing 'Transform' restructuring programme, nonetheless represents an improvement on the adjusted pre-tax loss of £73m sustained in Q4 2013.
