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Barclays sees 'significant' drop in Q1 fixed income

Chris Ratcliffe | Bloomberg via Getty Images

Barclays Plc said its investment bank had seen a "significant" fall in income in its key fixed income business in the first quarter, continuing a slump seen across the industry last year.

Barclays said it will report a"small reduction" in adjusted pretax profit for the first quarter compared to a year ago, as improvements in costs partially offsets the drop in investment bank profits. Barclays will report its first quarter results on May 6.

Read More Barclays to wind down commodities trading

"Our fixed income, credit and commodities (FICC) business continued to face many of the challenges seen in the second half of 2013 with a significant year-on-year reduction in FICC income, reflecting difficult market conditions and a strong comparative performance for Q1 last year," Barclays said in a statement ahead of its annual shareholder meeting on Thursday.

Read MoreBarclays to ax up to 12,000 jobs amid investor anger

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