Fixed income revenue drop hurts BarCap profits

FICC fall overshadows higher equities and investment banking revenues at the UK investment bank in the first three months of the year

A one-fifth drop in revenues at Barclays Capital’s fixed income, currencies and commodities division contributed to a one-third drop in pre-tax profits at the UK investment bank.

BarCap said in its first-quarter interim management statement this morning that revenues from FICC fell from £2.7bn a year ago to £2.1bn.

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