Barclays Wealth and Investment Management saw their profit before tax decrease by 15%, compared to the same period last year, to £51 million.
On the other hand, if Transform investment costs, approximately £22 million, are excluded, the arm saw 22% of year-on-year growth in pre-tax profit.
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Moreover, total income declined by 4% to £451 million, compared to £469 million during the same time last year. This drop has been mainly attributed to adverse foreign exchange movements. In addition, client assets fell to £198.3 billion, a loss of over £6 billion compared to the last quarter.
Overall, the group saw profit before tax fall by 5% to £1,693 million, driven by a reduction in Investment bank income and currency movements.
Antony Jenkins, group chief executive, said: "A continued strong momentum across our retail, cards and corporate banking franchises, all of which generated higher returns year-on-year, offset by a significant decline in FICC income within the Investment bank, resulting in group adjusted profit before tax decreasing 5%."
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