Barclays beat profit expectations Tuesday and announced a $1.33 billion share buyback after market volatility boosted investment banking revenues, according to CNBC. The British bank's investment banking unit posted a 10% year-over-year income increase to $4.4 billion in the second quarter, as higher net interest and trading income offset lower advisory fees. Barclays reported higher earnings driven by increased market trading during a volatile quarter shaped by Trump’s April tariff policies. Global stocks plunged then rebounded, while the U.S. dollar saw sharp declines amid currency market turbulence. Barclays’ investment banking division, a key revenue driver, became a focus of cost-cutting measures announced by CEO C.S. Venkatakrishnan in February 2024. Venkatakrishnan said Barclays is halfway to its income growth goal, over half of its U.K. risk-weighted asset growth, and two-thirds of its $2.6 billion cost savings target.
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