Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
LONDON -Barclays reported a 12% fall in first quarter profit on Thursday, as a squeeze on UK mortgage pricing, lower income from trading and a drought of M&A fees showed the difficulties it will face in delivering its first strategic revamp in a decade.
Barclays is bidding to restore investor faith in its universal banking business model, after years of share price underperformance, clashes with activists over the role of its investment bank, and management turnover. Total income in its investment bank fell 7%, shy of expectations, as a strong performance in equities was more than offset by lower fixed income trading performance and weaker merger advisory fees.
The British bank also said it had on Wednesday announced its Irish unit, which houses much of its European business, would sell an Italian retail mortgage book in line with aims to simplify its exposures.
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