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| Barclays profits drop by a quarter | Barclays profits drop by a quarter |
| (35 minutes later) | |
| Barclays has reported a 25% drop in profits for the first quarter of the year, mainly due to a weak performance in its investment banking division. | |
| Pre-tax profit for the first three months of the year was £793m, down from £1.1bn for the same period last year. | Pre-tax profit for the first three months of the year was £793m, down from £1.1bn for the same period last year. |
| The bank also said bad loans and operating costs had risen. | |
| Barclays warned last month that its first quarter would be weaker than last year due to turbulent market conditions and a "particularly strong" March 2015. | Barclays warned last month that its first quarter would be weaker than last year due to turbulent market conditions and a "particularly strong" March 2015. |
| Barclays chief executive Jes Staley said the bank had made "good early progress" against its strategy update, which it announced last month. | |
| In March, Barclays said it would split itself into two main core divisions - Barclays UK and Barclays Corporate and International - to meet new banking regulations, which are aimed at preventing ordinary customers suffering from decisions made by investment bankers in the event of another financial crisis. | |
| The bank also said last month that it would offload most of its stake in its Africa business. | |
| Mr Staley said the group's core business was performing well "despite a challenging market environment". |