By Daniel Hunter

Barclays’ adjusted profits fell by 5% in the first quarter of 2014.

The banking giant reported profits of £1.69bn for its first quarter. Barclays said in April that it expected first quarter profits to be down on last year’s. And the fall is largely due to a 28% drop in its income from investment banking.

The division of the investment bank which deals with trade currencies, bonds and commodities faired particularly badly. Its revenues dropped to £1.23bn, a 41% fall.

Barclays said “subdued client activity” and a restructure of the bank were the key contributors to the falling profits.

The bank also said that its particularly strong first quarter of 2013 would make comparisons difficult.

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