Rates come to the rescue for Barclays
Barclays beat expectations in fixed income, currencies and commodities trading (FICC), according to its first quarter results announced on Thursday, which it attributed to a strong performance in rates. This helped to offset reduced fees for deals and an equity trading slump, as its corporate and investment bank seeks to provide the return on capital in the face of shareholder pressure.
FICC revenue was down 3% to $1.19bn when dollar denominated, and up 4% to £902m when measured in sterling. This beat both expectations and US peers who have reported over the past few weeks — who posted an average fall of 8%, according to UBS.
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