Barclays first quarter profits drop 25%

barclays profits

Tough times at Barclays - they've reported a 25% fall in pre-tax profits to £793m for the first quarter of 2016.

That's down from £1.1bn for the same period last year, with the bank noting that operating costs and bad loans had gone up.

Barclays are being given something of an overhaul by new boss Jes Staley, who has the job of repairing the bank's image after years of bad press. Staley said that the bank's performance had been hampered by widening losses in their "non-core" businesses.

However, Staley said that these results showed that Barclays are making "good early progress", and that they're displaying "a core business performing well in a challenging environment".

Last month, the bank warned that their first quarter was going to be weaker than last year, thanks to turbulent market conditions and a "particularly strong" March 2015.

To meet new banking regulations, Barclays is going to split itself into two, creating Barclays UK and Barclays Corporate and International. This is happening to stop ordinary people from being hammered by the decisions made by investment bankers.

Basically, this is an attempt to separate ordinary people's money from the money that's thrown around by the people who were responsible for the financial crisis.

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