Barclays today reported a 9% drop in quarterly profits after it saw a sharp fall in income from its investment banking arm.
Pre-tax profits fell to £1.66bn (€1.86bn) in the first quarter of 2011 after revenues at Barclays Capital dropped 15% to £3.3bn (€3.7bn) as the group dealt with “a challenging external environment”.
The update came as Barclays prepared to face a potential shareholder rebellion at its annual meeting over plans to award chief executive Bob Diamond a potential pay package worth up to £27m (€30m).