Barclays, the U.K. bank, has reported slightly worse than expected profits for the third quarter, and warned of a weaker end to 2015 as it cut some targets.
The bank reported an adjusted pretax profit of £1.43 billion ($2.18 billion) for the third quarter, lower than the average forecast of £1.65 billion by analysts. Its share price fell by 3 percent at the London market open after the announcement.
The investment banking part of the business has seen weaker market conditions in October this year compared to 2014 - part of generally weaker market conditions. Barclays also warned of the impact of the U.K.'s controversial bank levy in the last quarter of the year. Investment banking profit before tax was up 31 percent from the same time in 2014, but down by more than half from the previous quarter, in line with other investment banks which have been hit by market turbulence over the summer.