London — Barclays dropped the most in almost six months after it became the latest European bank to post trading results that failed to live up to the gains American firms reported. The bank reported a surprise drop in fixed-income trading revenue, contrasting with a 24% jump achieved by its five largest American counterparts and a smaller increase at Deutsche Bank, its biggest competitor in Europe. Income from equities trading also fell more than expected, while investment banking fees surged. CEO Jes Staley has thrown his weight behind the investment bank in London and New York, arguing a securities unit is a valuable counter-balance to its more profitable retail and credit card businesses. Capturing market share from European peers that are retreating from some markets is key for the unit to boost its returns. "We didn’t have the up-tick a number of the US banks did" and "we always want to do better in the markets business", Staley said in a Bloomberg Television interview. "We co...
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