British bank Barclays reports Ł1bn hit from credit squeeze

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Thursday May 15, 4:42 PM

British bank Barclays reports Ł1bn hit from credit squeeze

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LONDON (AFP) - Barclays, the nation's third-biggest bank, said on Thursday that first-quarter profits were down on a year earlier after suffering a 1 billion-pound hit from the global credit crunch.

"Following tougher capital markets trading conditions in March, group profit for the first quarter was below that of the very strong prior year period," Barclays said in a trading update.

It added: "There were net losses of 1 billion pounds (at investment arm Barclays Capital) relating to credit market turbulence."

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