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| Barclays first quarter profits fall 25% | Barclays first quarter profits fall 25% |
| (35 minutes later) | |
| Barclays adjusted first quarter profits have fallen 25% to £1.8bn, largely due to the bank's restructuring programme. | Barclays adjusted first quarter profits have fallen 25% to £1.8bn, largely due to the bank's restructuring programme. |
| The bank is transforming itself into what it calls a "Go-To" bank. | The bank is transforming itself into what it calls a "Go-To" bank. |
| Barclays has come in for much criticism in recent years, following a series of scandals. | Barclays has come in for much criticism in recent years, following a series of scandals. |
| Much of the £609m profits fall is down to the costs involved in restructuring its investment banking arm, Barclaycard and its private wealth and investment management division. | Much of the £609m profits fall is down to the costs involved in restructuring its investment banking arm, Barclaycard and its private wealth and investment management division. |
| Rising losses at its European operations also contributed to the fall in profits. | |
| Barclays' Chief Executive, Antony Jenkins said: "In our goal to become the 'Go-To' bank we have not chosen an easy path for Barclays, but we have chosen the right one." | Barclays' Chief Executive, Antony Jenkins said: "In our goal to become the 'Go-To' bank we have not chosen an easy path for Barclays, but we have chosen the right one." |
| Stripping out the costs of its transformation programme, Barclays pre-tax profits for the first three months to the end of March were £1.5bn. | |
| That compares to a loss in the same quarter last year of £525m. | |
| Barclays the return to this "statutory" profit is due to a significantly lower own credit charge of £251m, compared with one of £2.6bn in the first quarter of last year. | |
| The own credit charge is a valuation that banks are required to carry out. They book losses when the value of their debt rises, and gains when it declines. |