Belfast Telegraph

Barclays' dire start to year underscores bank turmoil

By Holly Williams

Barclays will today reveal the impact of a dire start to the year in the investment banking sector as it kicks off earnings from the major high street lenders.

Bosses at the bank will also face shareholders at the group's annual general meeting a day later, amid criticism over new chief executive Jes Staley's pay deal.

First quarter figures from the group follow a dismal clutch of earnings on Wall Street after the new year stock market turmoil caused a collapse in trading and fee income.

US giant Goldman Sachs most recently laid bare the extend of the sector's woes, revealing its first quarter profits had more than halved, down 56%, while net revenues slumped 40% to $6.3bn (£4.3bn).

Goldman Sachs chairman and chief executive, Lloyd Blankfein, said early 2016 saw "headwinds across virtually every one of our businesses". An update from Morgan Stanley was also grim.

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