Barclays plc reports 1Q profit fell 7 percent.

LONDON (AP) — Barclays plc says that first-quarter profit fell 7 percent, dragged down by businesses it intends to sell.

The bank says net income dropped to 433 million pounds ($631 million) from 465 million pounds in the same period a year earlier. Barclays says profit from its main business rose 53 percent to 950 million pounds.

In his first full quarter as chief executive, Jes Staley says the performance of Barclays' core businesses "shows the potential power of the group once it is freed from the drag of non-core."

The bank revealed plans in March to split itself into two and simplify its operations. The restructuring plan comes as the U.K. forces lenders to separate riskier investment banking from retail operations. Such ring-fencing is meant to protect savings in any financial crash.