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May 29, 2017

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Barclays bank registers mixed profits before big strategy update

LONDON--British bank Barclays on Tuesday posted mixed first-quarter profits, hit partly by slumping income at its investment banking division, ahead of a strategy update which is expected to axe jobs.

Net profits rose 15 percent to #965 million (US$1.6 billion, 1.2 billion euros) in the three months to the end of March from the level a year earlier.

That was helped by falling costs and lower impairment charges, Barclays said in a results statement.

However, adjusted pre-tax profit — stripping out fluctuations in the value of the bank's own debt and provisions to reimburse customers for wrongly sold products — sank by 5.0 percent to #1.69 billion in the quarter.

The drop in adjusted profits was sparked by a "significant decline" of 41 percent from the lender's Fixed Income, Currencies and Commodities (FICC) business.

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