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  1. Wealth
May 7, 2009

Barclays Wealth 1Q profits down sharply

By Spear's

Profit before tax at Barclays Wealth fell sharply in the first quarter, the bank reported this morning. The division was hit by the sale of the closed life business, as well as the impact of reduced UK interest rates and significant falls in equity markets, the bank noted, without giving specific figures.

Profit before tax at Barclays Wealth fell sharply in the first quarter, the bank reported this morning. The division was hit by the sale of the closed life business, as well as the impact of reduced UK interest rates and significant falls in equity markets, the bank noted, without giving specific figures.

Meanwhile, income at the Investment Banking and Investment Management division rose 79 percent, driven by a 361 percent profit gain at Barclays Capital, attributed to the successful integration of the Lehman business US operations.

For further details, visit thewealthnet

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