Barclays' Full-Year Results Disappoint; While Restructuring Is Over, Conduct Charges Drag On
No-moat Barclays reported a net loss of GBP 1.9 billion in 2017 compared with a GBP 1.6 billion profit in 2016, above our and consensus' expectation. The full-year loss was due to the large U.S. deferred tax charge the bank booked during the fourth quarter. While the bottom line missed expectations, Barclays also put out a weak operational performance, in our opinion, with total revenue declining 2% year over year, driven by shrinking net interest income.On a positive note, strong capital allo...
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