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Barclays sees 'significant' drop in Q1 fixed income

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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.

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"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.

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