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Barclays Sees 'Broadly Flat' Investment Bank Revenue for 2015

  • Disclosure indicates fourth-quarter income at unit to fall 11%
  • News comes as CEO unveils latest round of cost cuts, closures
Updated on

Barclays Plc said it expects income at the investment bank to be “broadly flat” in 2015 from the previous year, as Chief Executive Officer Jes Staley announced a series of measures to boost the unit’s profitability.

Barclays is “accelerating the investment bank strategy outlined in 2014, focusing on its core strengths and running the business for returns,” Staley said in a statement on Thursday. The unit, led by Tom King, reported revenue of 7.6 billion pounds ($10.7 billion) for 2014, down from 8.6 billion pounds a year earlier.