City Of London
Barclays Traders Beat Estimates with Surprise Surge in Unit Revenue
- Fixed-income, currency and commodities revenue jumps 37%
- CEO ‘deeply disappointed’ after bank oversold U.S. securities
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Barclays Plc’s traders delivered a surprise jump in revenue for their unit during a volatile first quarter, helping offset a quieter period for the bank’s dealmakers and a charge for accidentally overselling U.S. securities.
Revenue from fixed-income, currency and commodities trading soared 37% to 1.6 billion pounds ($2 billion), defying expectations of a decline and beating an unexpectedly strong three months for Wall Street. Equities income also rose 13%.