Lates News

Barclays Bank stated that its trading business performed unevenly in the first quarter, with stock trading exceeding expectations while fixed income revenue fell short. The bank said in a statement on Tuesday that fixed income trading revenue was roughly flat at 1.7 billion pounds year-on-year; stock trading revenue was 1.1 billion pounds, up 16% year-on-year; and investment banking business also exceeded expectations with first quarter revenue of 754 million pounds. Barclays is the first major UK bank to report first quarter earnings, providing investors with a glimpse into how the industry is dealing with the increased economic uncertainty sparked by the Iran conflict. Adeel Khan-led global market business at Barclays failed to benefit from the trading frenzy experienced by some of its US counterparts. Earlier this month, Wall Street banks reported record profits in some market divisions due to recent market volatility benefiting trading business. As part of a plan to return 10 billion pounds to shareholders within three years, Barclays announced the start of a new 500 million pound share buyback. The bank also announced a 200 million pound impairment in its investment banking division for a "single client", according to sources familiar with the matter.