Barclays sees significant drop in investment bank income
It's prospectus release day for Barclays – as they prepare to raise £5.8bn of capital through a rights issue (release).
In an update on their current trading and prospects, things are looking less than rosy at the bank's investment banking arm:
The Group's adjusted income for July and August 2013 was £0.5 billion lower than in the comparable period in 2012. As a result, the Group's adjusted income for the eight month period to 31 August 2013 was down 5% compared with those months in 2012.
Adjusted income for the Group, excluding the Investment Bank, for July and August 2013 was broadly flat versus those months in 2012. Income in the Investment Bank for July and August 2013 was significantly below those months in 2012, with lower income in FICC partially offset by growth in Equities and Prime Services