Barclays’s Year-to-Date Profitability Disappoints, Mainly Driven by CIB’s Markets Business
Following what we view as a weak profitability performance in the year to date, burdened by lower income generation (in both Barclays UK and Barclays International) and higher costs, we are lowering our forecasts for 2017, resulting in a lower fair value estimate of GBX 220 per share (down from GBX 250). While shares currently offer some upside, we believe the risk attached has increased, as per our high uncertainty rating. Hence, we still prefer Lloyds over Barclays within the U.K. banking spac...Barclays is a holding company. Through its subsidiaries, Co. is a financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Co.'s business segments are: Barclays U.K, which provides everyday products and services to retail customers and small to medium sized enterprises; Barclays International, which delivers products and services designed for Co.'s corporate, wholesale and international banking clients; and Head Office, which comprises head office and central support functions (including treasury) and businesses in transition.
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