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In October, Barclays revealed a 26% drop in third-quarter pre-tax profits, with the UK retail division reporting a 2% decline and the investment banking arm a 53% decline. In 2013 this was not uncommon for banks, due to lower bond trading revenue. The share price is currently trading at 276p, slightly higher that it was before Q3 at the end of October. It was also hit by panic-selling surrounding emerging markets in January.
Barclays has recently been fined £291 million for a string of penalties, the stand-out in relation to allegations of attempts to manipulate the London Interbank Offered Rate while other offences included the mis-selling of payment protection insurance (PPI) and interest rate swaps. If the bank reveals further fines, or provisions for fines, it could weigh on the share price. As noted by Alastair McCaig, the bank has already been tightening its belt and reducing its staff numbers which shows the company is doing what is necessary to remain competitive, but despite this the share price has been in a downtrend since April. The 270p mark is offering support with baseline bidding taking place at 250p, but breaking 300p would help put it in good stead for a higher high.