LONDON - Profit at Barclays fell 10 percent in the first quarter as its under-pressure investment bank struggled with tough markets, prompting it to signal further cost cuts if these conditions persist.
Barclays said on Thursday returns in the investment banking business fell to 9.5 percent from 13.2 percent a year ago, while its overall profit was 1.54 billion pounds . Barclays said that if the tough market conditions persist, it may have to cut annual costs in 2019 below the 13.6 billion to 13.9 billion pound range it earlier said it expected.
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