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Barclays profit drop raises Diamond bonus questions
Business digest: UK bank is first to under-perform in first quarter of 2011
Barclays has posted a fall in first quarter pre-tax profits of nine per cent to £1.66bn, making it one of the first major UK banks to perform disappointingly this year.
The drop was mostly due to a 29 per cent decrease in profits from the bank's corporate and investment banking branch, which now stands at £983m.
Meanwhile Barclays' retail and business banking operations saw a 21 per cent increase to £692m, following a 39 per cent fall in bad debt charges.
The figures come as the bank prepares to meet shareholders at its annual general meeting, where concerns are expected to be raised over chief executive Bob Diamond's 2010 bonus plan, which is worth at least £6.5m.
Read a full report at BBC News. ·
