Barclays' investment bank this morning reported a 20% fall in fixed-income revenues during the three months to the end of September, as the division published the numbers of its first full quarter under the aegis of sole head Rich Ricci.

The unit reported revenues of £2.6bn over the period, down 13% on the previous three months but up 17% on the third quarter of 2011. Pre-tax profits from the investment banking division, at £937m, were roughly flat compared to £1bn in the second quarter but were up significantly on a year ago, £388m.