British bank Barclays is afraid that it might miss its profit target as the previous quarter’s results were not as good as they were expected to be. Since the past three year, the bank had been performing poorly. The global financial crisis has hit the working of the bank severely.

While expressing fear of not achieving the targets, the Chief executive of the bank, Bob Diamond said, “Thirteen percent remains absolutely the right target and it’s very achievable, but we may not achieve it in 2013 given the impact of the external environment”.

Following the proclamation by the bank, the shares fell by 1.8% in today’s trading. It has been informed that the bank has already cut down the bonuses of Barclays Capital by 32%. Similarly, the incentive awards of the Barclays Capital had been cut by 26%.

It is for the very first time when a big British bank has revealed its financial condition. It has been unveiled that cuts in the jobs would be imposed so that the working of the bank is insured. Recently, the bank informed that its profit for
2011 had been 3% lower than previous years. The total profit of the bank, for the year 2011, was 5.9 billion pounds.

It has further been unveiled that the income at the bank has fallen by 1.8 billion pounds. It is believed that poor bond trading and advisory work of the bank has affected the bank severely. The performance of the bank has not been satisfactory.

Diamond is of the view that the financial challenges would remain the same in 2012 and thus the bank would be required to perform harder. Diamond is hopeful that in the coming years, the performance would improve.