Barclays Investment Bank Profits While Missing Out on M&A Boom
Profit Rise for Barclays as Revamp Continues
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Barclays Plc’s investment bank posted a 35 percent increase in profit as costs fell and the division is scaled back. That also meant missing out on a rebound in mergers and equities trading that benefited competitors.
Pretax income at the unit rose to 765 million pounds ($1.2 billion) in the second quarter from 567 million pounds a year ago, Barclays said Wednesday. Investment banking fees from activities such as providing takeover advice dropped 11 percent to 586 million pounds.