Barclays Capital, the investment bank that has been hiring aggressively to build out its debt and equity business since the start of last year, this morning reported a £1.4bn (€1.56bn) profit before tax for the first quarter, accounting for 80% of profits at parent Barclays Group, but failing to match last year's performance in fixed income, currencies and commodities.

Pre-tax profits at the unit were up 62% on the fourth quarter last year and were once again driven by the FICC trading operation, which brought in gross income of £2.6bn, up £100m on the fourth quarter last year but down on the stellar performance of the first quarter of last year, when it made more than £4bn.