LONDON, May 6 (Reuters) - Barclays said its underlying profits fell 5 percent in the first quarter from a year ago after its investment bank struggled due to a slump in fixed income revenues.
Barclays said on Tuesday its adjusted profit before tax was 1.69 billion pounds ($2.85 billion) in the first quarter, after income at its investment bank fell 28 percent from a year ago, mainly due to a 41 percent crash in income in fixed income, currencies and commodities. It blamed that fall on subdued client activity and changes in its business mix as part of a review of its investment bank, which will be unveiled on Thursday.
“We continue to be cautious about the trading environment in which we operate and as a consequence we remain focused on structurally reducing the cost base in order to improve returns,” the bank said in a trading statement. ($1 = 0.5929 British Pounds) (Reporting by Steve Slater; Editing by Matt Scuffham)