Barclays profits down

Barclays today said first quarter profits were down on a year ago, as it revealed a further £1bn (€1.25bn) hit from credit turbulence.

The UK banking giant did not disclose the extent of the profits drop, but said trading in January and February had been broadly in line with a year earlier before tougher credit markets impacted its performance in March.

The trading update did not contain any comment on whether Barclays planned to follow Royal Bank of Scotland and Halifax Bank of Scotland and announce a cash call to shareholders in order to shore up its balance sheet.

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