The investment bank of the group saw adjusted profits before tax plunge to £668m, compared to £1.3bn in the first quarter last year, the group said in its quarterly results.
The bank’s total adjusted profit before tax were strained, down 5% or £93m to £1.7bn in the first quarter, compared to the same period last year.
The drop in profit was largely attributed to a reduction in investment bank income, particularly in fixed income, currencies and commodities (FICC).
The Wealth and Investment Management business reported a 15% drop in profit before tax to £51m, from £60m in the first quarter last year.
Group chief executive Antony Jenkins touched on the group’s restructuring strategy, announcing that on Thursday (8 May) the bank would give details of the major overhaul of the bank’s strategy to deliver improved and sustainable returns for shareholders.
