Barclays investment bank sees first loss in two years

Barclays Canary Wharf

Barclays’ investment bank swung to its first quarterly loss in at least two years, hurt by a drop in equities revenue, as Chief Executive Officer Jes Staley shrinks the securities unit.

Bloomberg News reports that the investment bank posted a loss of $204m in the fourth quarter compared with a pretax profit of $48.9m in the year-earlier period, the bank said in a statement on Tuesday. The unit’s cost to income ratio, a measure of efficiency, soared to 109% from 97%.

“In light of current market conditions, and on the back of a particularly strong March in 2015, we do not expect as strong a performance for the whole of quarter one this year,” Finance Director Tushar Morzaria said in the statement. Revenue in January and February was “broadly in line” with last year’s performance at the unit, the bank said.

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Barclays Investment Bank Slips Into Quarterly Loss Amid Overhaul

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