Rates horror show continues at Barclays

Barclays has had a shocking quarter for rates revenues, with macro (rates and FX) down 27% to £504m. While the US banks, Credit Suisse and Deutsche Bank had softer landings in their fixed income trading businesses than expected, thanks to a pick-up in volumes during June, Barclays, which has committed to cutting long-dated and structured rates, seems to have been hit hard.