City Of London
Barclays Traders Beat Estimates as Uncertainty Freezes Deals
- Trading revenue rises 45% as investment banking fees tumble
- Lender warns of ‘deteriorating macroeconomic forecast’
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Barclays Plc’s traders beat estimates in the third quarter, offsetting steep declines for its investment bankers as growing economic headwinds keep deals on the sidelines.
Trading revenue rose 45% to £2.26 billion ($2.6 billion), ahead of its Wall Street rivals and more than the estimate of £1.76 billion, according to a statement Wednesday. This gain, driven by fixed income, commodities and currencies trading, excludes some hedging losses tied to its mistakenly issued securities earlier this year.