LONDON (Reuters) – Barclays reported a 12% fall in first-quarter profit on Thursday as UK mortgage prices squeezed, lower trading revenues and low merger fees hit. acquisitions (M&A) reflecting the difficulties that the British bank will have to face in carrying out its first strategic overhaul in ten years.
The banking group recorded a pre-tax profit of 2.277 billion pounds (2.651 billion euros) between January and March, down from 2.6 billion pounds recorded the previous year, and in line with forecasts of the analyst consensus provided by the bank.
Barclays is working to restore investor confidence in its universal banking model, after years of share price underperformance, conflicts with activists over the role of its investment bank and governance changes .
On February 20, the British bank announced a three-year plan to revive its stock price, including returning 10 billion pounds to shareholders, reducing its costs by 2 billion pounds and investing in its retail bank in the Kingdom. -United.
Investment banking revenues fell 7% in the first quarter, below expectations, as good performance in equities was offset by lower fixed income transactions and merger advisory fees.
Rival bank Deutsche Bank reported a 10% increase in first-quarter profit on Thursday, driven by a rebound in bond and M&A revenues.
(Reporting Lawrence White; Stéphanie Hamel, edited by Blandine Hénault)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
