The board of Barclays "does not expect as strong a performance from its investment banking operations" as it experienced in March last year, the bank has warned.
In a statement this afternoon, the bank said while income in January and February this year were "broadly in line" with its performances last year, current market conditions meant the first quarter was likely to be weaker this year than last for its investment banking division.
The warning came as part of a circular giving more detail on the disposal of its Africa business, which it confirmed the sale of at the beginning of this month.
The company, which is one of the largest western banking presences in Africa, said it was continuing to consider how to dispose of the business, looking at both strategic and capital markets-led options.
Like other banks, Barclays has been hit by market volatility in recent months. Since the beginning of the year, shares have lost a third of their value. Today Barclays' share price was down 2.3 per cent, at 146.8p.
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