Barclays Misses Q2 Target

Barclays, the British lender, reported its second-quarter net income of £1.3 billion ($1.68 billion), meeting expectations but falling short of analyst estimates. Analysts were expecting a net income of £1.4 billion for the quarter. The slower momentum in investment banking contributed to the modestly disappointing results. The domestic division and consumer and cards arm performed well, with revenues increasing by 14% and 18%, respectively. Barclays anticipates earning less interest in its U.K. division, leading to a lower net interest margin. Investment banking revenues also declined by 3% due to reduced client activity.